Trending
Moinian nabs $185M refi for Miami Worldcenter apartment tower
New York-based developer completed 43-story building with 434 units last year
The Moinian Group refinanced its Miami Worldcenter multifamily skyscraper with a $185 million loan.
New York-based Square Mile Capital Management provided the mortgage for Bezel Miami, a 43-story tower with 434 apartments at 650 Northeast Second Avenue in Miami, according to records.
Drew Fletcher with Greystone and Robert Kaplan with Cushman Wakefield arranged the financing for Moinian, a New York-based real estate investment firm led by Joseph Moinian, a press release states.
In 2019, Moinian and its partner, Orlando-based multifamily developer Zom Living, paid $19.5 million for the development site. It’s part of Miami Worldcenter, a 27-acre, $4 billion master-planned mixed-use community in downtown Miami’s Park West neighborhood. Moinian also provided a $119 million construction loan for Bezel Miami, which was previously known as Luma.
The joint venture completed the apartment tower last year, records show. It features studios, one-, two- and three-bedroom apartments with monthly rents ranging from $2,900 to $13,650, according to Apartments.com.
Founded in 1982, Moinian’s portfolio spans more than 20 million square feet across the U.S., including in New York, Los Angeles and Miami, the release states. Led by CEO Greg West, ZOM has built nearly 22,500 apartments nationwide by itself or through joint ventures, according to the company’s website.
ZOM Living is no longer a partner in Bezel Miami, West said via email.
Last month, Zom and partner NRP Group sold a garden-style apartment community in Cooper City to billionaire Stephen Ross for $55.5 million.
Several rental residential projects are on tap at Miami Worldcenter. Aria Development Group and Merrimac Ventures are planning a 32-story condominium that would not have any restrictions on short-term rentals. The joint venture acquired the Miami Worldcenter assemblage last month for $17.5 million.
Merrimac is also teaming up with the Related Group to build The Crosby, a 33-story, 450-unit short-term rental friendly condominium. The joint venture paid $12 million for its Miami Worldcenter development site last December.
In August, San Antonio-based apartment builder Lynd Living paid $30 million for a half-acre at Miami Worldcenter that is approved for a 650-unit multifamily project. New York-based Naftali Group and WeWork co-founder Adam Neumann are also planning apartment projects at Miami Worldcenter.