Madison Realty Capital has provided a $310-million loan to The Chetrit Group for the first two phases of development of a 6.2-acre mixed-use site located along the Miami River connecting Brickell to Jose Marti Park.
The loan is also secured by land for the third, fourth and fifth phases of development, which is zoned and entitled for approximately 1,300 residential units.
The site will be developed in five phases spanning 2.5 city blocks and deliver 1,928 multifamily units with top-of-the-line amenities, including boat slips.
Madison Realty Capital’s loan will be used to finance Phase I of Miami River, which will deliver a 54-story, 632-unit mixed-use tower; and Phase II, which will consist of a two-building three-story development with 24,000 square feet of commercial space and a publicly accessible esplanade and river walk along the Miami River.
Funds from the transaction will be contributed to the Miami Dade Affordable Housing Trust Fund earmarked for the East Little Havana Area.
Source: ConnectCRE