The developers of the Paramount Condo Tower have closed on a construction loan, adding to the list of construction financing granted to the Miami Worldcenter project by lenders.
The loans include:
- $285m for Paramount construction (Inbursa Bank $170m, BC Immigration Fund $115m)
- $74m for Worldcenter infrastructure construction (tax free private placement bonds to investors)
- $89m Worldcenter 7th Street Apartments (Santander Bank, Fifth Third Bank)
…for a total of $448m.
Around 7 to 10 units are selling at Paramount per month with 60 percent now sold, the developer told The Real Deal yesterday. Completion is scheduled for January 2019.
paramount:
seventh street apartments:
