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Paramount closed on a $285M construction loan in March
By Katherine Kallergis, The Real Deal
More than 900 real estate agents, potential buyers and industry insiders jammed out to live bands and performances at Miami Worldcenter’s development site late last month.
Paramount Miami Worldcenter, the luxury condo component of the large-scale, mixed-use development, hosted the outdoor live concert at the multimillion-dollar sales center and adjacent lot where the project’s launch party was held about two years ago.
The developers, Dan Kodsi, Nitin Motwani and Art Falcone along with OneWorld Properties broker Peggy Fucci, hosted the event to highlight Paramount’s 40-plus amenities that include a soccer field, tennis courts, boxing studio, observatory, a Tai Chi deck, a pool with floating pods and bungalows, and more.
At a real estate roundtable discussion last week, Motwani said construction of the $1.2 billion Miami Worldcenter is moving quickly and smoothly. “We have closed on $450 million in debt financing,” he said. “We are fully capitalized, including our [Paramount] condo project.”
Paramount, a 60-story, 562-unit project, will sit directly next to Worldcenter’s 450,000 square feet of high street retail space, and the project as a whole will also feature the Seventh Street Apartments, an additional 429-unit apartment building, and the 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo.