World Trade Center Developer Completes Sale-Leaseback Deal

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.

 

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Anonymous
4 years ago

Yes! It would be stunning for our city!

Ricky
4 years ago

Our city will have a WTC.
2022 completion ? …I’m excited.

Anonymous
4 years ago

Let’s get this done!

Anonymous
4 years ago

That looks… BEAUTIFUL… we need to have more shiny skyscrapers like this in downtown Miami!

Anonymous
4 years ago

That’d be a signature tower for Miami. Nice!

IloveMiami
4 years ago

Not bad. This would go nicely with Nader’s two towers next door. Oh, my bad. Jorge’s two ugly towers next door.

Who
4 years ago

It’s been a while since a “big city” skyscraper has been built in Miami. More of these should have been built in the downtown financial district, but the developers just wanted condos instead.

Anonymous
4 years ago

Nothing wrong with condos.
There is still plenty of empty lots downtown and horrible parking lots that can be developed as office towers.
Problem is developers are concentrating on 2 markets: Doral and Miramar.
Two cities with horrible traffic congestion, in the middle of the Everglades and no mass transit.
Does that make sense?

Anonymous
4 years ago

Yeah I don’t think Doral or Miramar are the greatest business hubs. Too much traffic and too far from the urban core; it’s suburbia at the most. Although downtown Miami does have a lot of traffic, you at least have metro rail and metro mover. The county and the city need to invest in better mass transit options for the urban core though. Much improvement is needed in that department.

Anonymous
4 years ago

The incentives should go to developers wanting to build near Mass Transit and heavily taxed on those that are not. It’s common sense 101.
Not much brains to figure this one out. This solves two things at the same time: traffic and increase ridership

Anonymous
4 years ago

Not to mention clean environment, greener city, healthier bodies; walking and riding your bike is healthier than sitting in traffic

Anonymous
4 years ago

I like the height and the fact that it’s a sliver building.
Nothing exciting about the gift wrap motif

Anonymous
4 years ago

The silver does look nice but I think the gift wrap gives it a unique look to it. All around a very nice looking skyscraper.

IloveMiami
4 years ago

Can anyone tell me if there are any serious plans/proposals for the land directly north of the Freedom Tower? What ever came of that proposed tower that was going to wrap around the FT at around 66 stories a few years ago?

Anonymous
4 years ago

Yes, a small project called Miami WorldCenter

IloveMiami
4 years ago

I love sarcasm as much as the next guy, but you missunderstood my question. I dont think MWC goes all the way up to the Freedom Tower. I was asking about the lot adjacent to FT on Biscayne.

Anonymous
4 years ago

Ahh ok.. That’s a 2 acre lot that will be new MDC museum and towers.. Related is winning bid so far.

Anonymous
4 years ago

That’s still not right, that is the lot south of the Freedom Tower. The land directly north is owned by a private developer (I’m blanking on the name) and I don’t believe has any immediate plans.

IloveMiami
4 years ago

Thanks. Somebody finally understood.

Anonymous
4 years ago

Is this a true World Trade Center or only called so in name?

Anonymous
4 years ago

is that a real question, what does a world trade center even mean? Its just a name usually given to buildings.

Anonymous
4 years ago

wrong.

Who
4 years ago

That is completely wrong. The name “world trade” is given for a reason. The one in NYC is there for a reason. Since Miami is so connected with the Latin American economy, it makes perfect sense to have this.

aceraroja
4 years ago

For the record there IS a Miami WTC, it’s at the Port. I don’t know if this means they will be moving into this building, but I’d imagine so.