Chetrit Group secured a $310 million construction loan for its $1 billion mixed-use mega development planned for the Miami River.
Madison Realty Capital provided the loan for the first and second phases of the multi-phased project, according to a release. New York-based Chetrit has long planned to develop the 6.2-acre site, south of the river, between I-95 and Southwest Second Avenue.
The city of Miami approved the project in October 2015, as a five-phase development with a 330-key hotel, 1,700 residential units, 266,000 square feet of retail and office, and more than 2,000 parking spaces.
The first two phases will include a 54-story, 632-unit tower, and a 24,000-square-foot, three-story two-building commercial component. The third phase will have another 1 million square feet of development.
Henry Bodek of Galaxy Capital Group arranged the Miami River project financing.
Earlier this year, the development group secured a $15 million loan from Michael Dell’s MSD Partners, adding to previous financing it had secured for the project. In 2019, Chetrit bought out its former project partner, Michael Stern’s JDS Development Group, and secured a $55 million loan.
Chetrit paid nearly $91 million in 2014 for the properties that make up the development site.
The family run company owns other real estate in South Florida. In September, it sold a Miami Beach apartment hotel to its operator, Royal Stays Miami, for $42 million. In May, it secured a $62.5 million loan from Maxim Capital Group for its long-planned Collins Park hotel redevelopment, also in Miami Beach.
This summer, Chetrit’s new lender on another Miami Beach property, the shuttered Tides South Beach Hotel, alleged in a foreclosure suit that Chetrit stole $2 million in insurance money tied to damages.