New York Developer Secures $108M Construction Loan for a 42 Story

February 25, 2022

New York developer has secured a $108 million construction loan to construct an apartment building at the 27-acre Miami Worldcenter development in downtown Miami. The site covers approximately 20,980 square feet and is located at 697 N. Miami Avenue.

The New York developer under the name Block G Phase 2 LLC, which is managed by Mark Lapidus received the mortgage from Los Angeles Cim Real Estate Credit. Lapidus is the former WeWork CEO.

This property will be part of the current tower at Caoba apartments and will be designated as the second phase of this current tower. The new tower will be connected to the amenity deck of Caoba, which was originally opened in 2019.

The tower was originally approved in 2018 and was reactivated again in September 2021.

Construction is already underway and this second phase will feature 420 units rising 42 stories. The square footage for this property includes a project of 473,330 square feet which will include 4,103 square feet of retail.

The renderings show that the tower will not a parking garage but will share the amenity pool deck. It will also be a bit smaller in height and width but should remain very similar to the current design of Caoba. The cost of the project is estimated to be $82,833,750.

Coastal Construction and AECOM Tishman, is listed as the general contractor. The project is projected to be completed in late 2022 or early 2023.