Miami Worldcenter Closes on New Construction Loan

Story below from the Real Deal South Florida:

Miami Worldcenter Associates just closed a $43 million construction loan for the retail and parking component of the massive mixed-use project under construction in downtown Miami.

The loan, provided by Fifth Third Bank, brings the project’s total financing up to about $500 million.  It’s being used for 53,000 square feet of retail space and a 1,100-space parking garage on Northeast Second Avenue between Eighth and Tenth streets.

Miami Worldcenter developers Nitin Motwani and Art Falcone, along with Taubman Centers and Forbes, are working on leasing the 360,000-square-foot high-street retail component.

The $1.2 billion project will include the 562-unit Paramount Miami Worldcenter condo tower,  the Seventh Street Apartments, a 1,700-room Marriott Marquis Miami Worldcenter Hotel & Expo, and a 600,000-square-foot office tower.