April 21st, 2017 6:06 PM by Nour Ailan
The financial pieces of the 27-acre Miami Worldcenter are falling into place, now with the Paramount condo tower having obtained a $285 million construction loan.
The 60-story tower would be the tallest component of Miami Worldcenter, a $2 billion mixed-use project on the north side of downtown Miami at 700 N.E. 1st Street. It will have 512 units atop ground-floor retail. The developer said nearly 60 percent of the units were pre-sold, totaling more than $300 million.
Paramount Miami Worldcenter broke ground with initial site work in March 2016, so the construction loan should carry it to completion. The condo should be ready in the first quarter of 2019.
Inbursa Bank provided $170 million of the mortgage while the other $115 million came from BC Immigration Fund. Walker & Dunlop's Kevin O'Grady, Dan Sheehan and Eric McGlynn were the advisors on the loans.
In addition, investment fund AECOM Capital signed on as the preferred equity investor of Paramount Miami World Center. AECOM owns AECOM Tishman, which formed a joint venture with Coastal Construction to work as general contractor of Miami Worldcenter.
"This is a proud moment as we come one step closer to delivering a new residential and retail landmark in Downtown Miami,” said developer Art Falcone, the CEO of Encore Fund. "It is a true testament to how this one-of-a-kind Paramount brand and exciting project has been received by our global buyers, brokers, and lending community.”
Falcone and Nitin Motwani teamed with Daniel Kodsi, who has built two other Paramount condos, for the project.
Paramount Miami Worldcenter will include a large amenity deck with pools, fountains, private bungalows, a soccer field, tennis courts, a boxing studio and a music jam room. There would be a yacht-shaped amenity center on the tower’s tops floors.
"We knew that we had created a new paradigm by giving buyers more than they had asked for or thought possible, and to see this new Miami landmark take shape is a proud moment for our team,” Kodsi said.