Mixed-use development gets $210.29M
South Florida Business Journal – December 8, 2006
Three phases of the Riverfront West development in Miami’s central business district has received $210.29 million in financing.
The Miami office of Holliday Fenoglio Fowler said it arranged the package, which includes The Mint, a to-be-built, 52-story luxury condominium tower, and two additional development parcels totaling 1.7 acres.
HFF said the borrower is Key International.
The company said Corus Bank provided a $191.8 million adjustable-rate construction loan for Mint development, while Ocean Bank provided an $18.49 million adjustable-rate land financing to refinance land parcels III and IV of the Riverfront West planned development community.
Riverfront West is a 6.92-acre, mixed-use project to have four buildings with direct access and frontage along the Miami River.
HFF said The Ivy, currently under construction, is the first phase of the project. It is to have a 504-unit residential condominium tower with 12,000 square feet of retail condominiums.
HFF said it arranged construction financing for The Ivy last year.
Due for completion in February 2009, The Mint (Phase II) is to offer 535 one-, two- and three-bedroom units averaging 1,156 square feet each, plus 12,126 square feet of retail space.
The Mint is to be at Southwest Third Street and South Miami Avenue, with 900 feet of water frontage along the Miami River.