Miami Worldcenter Now Has Nearly $450M In Construction Financing

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:

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marc
3 years ago

That Paramount and its lighting scheme is going to pop in our skyline.

Anonymous
3 years ago

It only took 15 years to get going, but MWC is finally for REAL!
Going to be best area in Miami, no question about it.

Anonymous
3 years ago

I think the Paramount is so different than everything else out there and it may be a lifetime before another building in a downtown setting will have what the Paramount will offer. Skeptics would disagree and say it’s missing 3 things: a car elevator, a helipad and a world-renowned architect to attach it’s name to it. I think what Paramount has far outweighs those three items. Besides being just a beautiful, modern building (that will light up the night) with more amenities than any other building in the world (?) I think being in the center of the new Miami World Center is a huge benefit: everything is walk-able, there’s 450,000 sq ft of high street retail, the new parks are all right there, the Arena, All Aboard Florida and of course, 40+ amenities over a 6 acre design in the middle of a city with 12 months of outside weather. I’m not in the business, just a fan of researching new condo buildings — I just don’t see how anything else compares.

Anonymous
3 years ago

Disagree. The best views will be the backs of three buildings built without a back. The amenities will probably be built poorly and costly to fix. The building will have HOA dues that match the mortgage payments – and since this is Miami the staff are almost sure to be rude and incompetent. Not to mention that half the units in this building will be constantly shaking due to the clubs nearby and the traffic from the arena is sure to make your way home even more difficult. Hard pass.

Anonymous
3 years ago

“Around 7 to 10 units are selling at Paramount per month with 60 percent now sold.”

You’re “Dooms Day” scenario doesn’t seem to be working.

Anonymous
3 years ago

I don’t think Paramount is being marketed as waterfront – I think it’s the 40 amenities, active lifestyle and everything being within walking distance.

Anonymous
3 years ago

Eek – wet blanket.

Anonymous
3 years ago

What happened to the China EB-1 Visa funding?

Anonymous
3 years ago

“What happened to the China EB-1 Visa funding?”

Do your own investigation and find out.

marc
3 years ago

Ask the Skyrise developer.