The developer behind the World Trade Center of The Americas at 340 Biscayne Boulevard has completed a financing deal on the property:
- 340 Biscayne Owner, LLC purchased the property in November 2015 for $65 million, and obtained a $49.5 million mortgage
- This week, 340 Biscayne Owner, LLC sold the property to a company controlled by Adler Kawa for $42.5 million and then leased it back (Wells Fargo provided a 30-year, $42.5 million mortgage to Adler)
- 340 Biscayne Owner, LLC obtained an $18.7 million leasehold mortgage (reducing the amount of cash they have in the deal)
- As part of a 99-year leaseback, 340 Biscayne Owner, LLC has a purchase option on the property
340 Biscayne Owner, LLC’s parent company has previously listed Regalia developer Louis Montello and Gilberto Bomeny, a Brazilian developer of World Trade Centers, as managers.
The developer had been shopping for an equity partner, a joint venture development partner or a qualified buyer, according to broker material published earlier this year.
Marketing material stated that demolition is envisioned for late 2018, with completion in 2022.
