Miami Worldcenter Associates led by Art Falcone and Nitin Motwani have just closed on a $43 million construction loan for the retail component of the $2 billion Miami Worldcenter mixed-use mega-project in the Park West neighborhood of Downtown Miami. The loan was financed by Fifth Third Bank and brings the current total financing for the project to roughly $500 million including a $33 million loan from Bank of the Ozarks in October and the issuance of $74 million of private placement bonds issued by the community development district to fund infrastructure upgrades. The $43 million loan by Fifth Third Bank will be used for the development of 53,000 SF of retail space as well as a 1,100-space parking garage on NE 2nd Avenue between 8th and 10th streets. The total retail component will features 360,000 SF of high-street retail which Miami Worldcenter Associates, Taubman Centers and The Forbes Company are currently leasing. Miami Worldcenter is being developed by Miami Worldcenter Associates, Taubman Centers, The Forbes Company, and MDM Group with the master plan designed by Elkus Manfredi Architects. The project includes the PARAMOUNT Miami Worldcenter condo tower being developed by Paramount Ventures led by Dan Kodsi, in addition to a 1,700-key Marriott Marquis Miami Worldcenter Hotel & Expo as well as a 45-story office tower being developed by Hines.
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