Read the PDF version »
By Brian Bandell, South Florida Business Journal
The developer of Miami Worldcenter obtained three loans for a combined $32.63 million to support part of its 27-acre mixed-use project on the north side of downtown.
The lender was Bank of the Ozarks (NYSE: OZRK), one of the most active mortgagers for construction projects in South Florida. The loans were made to developer affiliates MWC Block A, MWC Block B and MWC Block E for specific phases of the project.
Construction of the 512-unit Paramount Miami Worldcenter condo, the 444-unit Seventh Street Apartments, and 360,000 square feet of “high street” retail are already underway. The new loans cover future phases of the project.
“The Miami Worldcenter development team continues to maintain a strong equity position,” said Nitin Motwani, managing principal of Miami Worldcenter. "As vertical construction moves forward, we have seen growing interest in Miami Worldcenter among high-quality lenders. We have obtained favorable financing terms that will help fund ongoing construction of our mixed-use project, as well as our upcoming phases of development.”
The Block A phase received a $9.42 million loan. Located at 133 N.E. 10th Street, it has been approved for 1,600 apartments or condos, 30,000 square feet of restaurants, and 40,000 square feet of retail.
Bank of the Ozarks issued a $7.5 million loan for Block B, at 80 N.E. 10th Street. It was approved for 1,200 apartments or condos, 30,000 square feet of restaurants, and 20,000 square feet of retail.
Located at 725 N.E. Miami Ave., Block E received a $15.71 million loan. It was approved for 1,200 apartments, 45,000 square feet of restaurants, and 25,000 square feet of retail.
It’s not clear when Miami Worldcenter plans to break ground on those three phases, as it probably needs even larger loans to fully fund construction. In most cases, the company has found joint venture partners before starting construction of additional phases.
Other future phases of Miami Worldcenter include a 429-unit apartment tower called Luma in partnership with ZOM, the 386-unit second phase of the Seventh Street Apartments, a 600,000-square-foot office building with Hines, and the Marriott Marquis Hotel with 1,700 rooms and 350,000 square feet of convention space in partnership with MDM Group.