Miami Worldcenter Lands $89 Million Construction Loan
Despite concerns of oversupply in the multifamily market, the developer of Miami Worldcenter has closed on an $89 million construction loan to finance the construction of their first multifamily tower, Seventh Street Apartments. The lending market has been tightening across the board over recent months for commercial real estate loans, but this project was able to secure financing due to its proximity to All Aboard Florida’s Miami Central Station.
The rental project will be just one section of the 27 acre project, which is slated for completion in 2018. When completed, it will comprise of two towers. The first, a 43 story tower with 450 rental apartments, followed by a second tower with 413 rental apartments. The first tower broke ground in June and construction recently went vertical. The construction loan closed December 19.