Witkoff, Monroe Capital Nab $303 Million Loan for Miami Resi

Witkoff and Monroe Capital scored a $302.6 million construction loan for a massive residential complex in Miami Worldcenter.

Construction is set to begin on the first phase of 700 North Miami Avenue after Witkoff, in partnership with Monroe Capital, secured financing from Athene Annuity and Life Company and J.P. Morgan Chase, Yimby reported.

The transaction refinanced about $57.3 million in existing debt while providing $245.3 in construction financing, the outlet said.

Witkoff, led by Alex Witkoff, and Monroe Capital, headed by Theodore Koenig, first proposed the 3.4 million-square-foot mixed-use project in 2022, The Real Deal previously reported. Phase one calls for 894 residential units in a 60-foot tower, as well as more than 17,000 square feet of retail space and a nine-story parking garage spanning over 167,000 square feet.

At completion, the Kobi Karp-designed project will include three more towers rising 50, 51 and 53 stories, the publication said. There will be a total of 2,346 residential units, about 30,500 square feet of commercial space and 2,078 parking spaces.

The project has already secured site preparation approval. The master building permit and phased vertical construction permit are under review. Construction costs are estimated at $270 million.

Witkoff and Monroe Capital acquired the 5-acre development site for $94 million in 2021. It’s one of the district’s final large-scale undeveloped parcels. It is the site of Miami Arena, which opened in 1988. The arena once housed the Miami Heat and Florida Panthers and hosted entertainment events before its demolition in 2008.

Miami-based MDM Group previously planned a Marriott Marquis hotel and 600,000-square-foot expo center for the site, which it bought for $45 million in 2017, TRD reported. That proposal ultimately was abandoned.

Miami Worldcenter in Downtown Miami is Florida’s largest open-air shopping and entertainment district, according to its website. Spanning a 10-block radius, the 27-acre development includes $100 million in completed infrastructure with 100,000 square feet of public space, 300,000 square feet of retail space and 16 high-rise towers, according to a CIM Group news release. CIM Group announced the Miami Worldcenter’s grand opening last year.

—Grace McClung