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.

 

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