Miami Worldcenter Retail Lands $26M Mortgage from Mexican Bank

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In the latest round of funding for an ambitious development project, Miami Worldcenter has secured a $26.1 million loan, according to a public document.

The borrowers are listed as MWC Retail LLC and MWC Garage LLC. The lender is Banco Inbursa of Mexico.

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The loan is for the completion of Miami Worldcenter’s retail project known as D-East, a Miami Worldcenter spokesperson said. The D-East property includes 54,000 square feet of retail space and a parking garage with about 1,000 spaces.

The building is already completed, and interior buildouts are underway. The only announced tenant so far is Club Studio, a high-end gym that is set to open next year.

Miami Worldcenter is a 27-acre development in Downtown Miami. In a separate round of financing, The Moinian Group last year scored $185 million from Square Mile Capital Management to refinance its residential property inside Miami Worldcenter.

The project’s master developers are Los Angeles-based CIM Group, Art Falcone and Nitin Motwani. The project’s plans include 600 Miami Worldcenter, a 579-unit, fully furnished condominium by Aria Development Group and Merrimac Ventures; a 65-story condo tower with 700 residential units by New York developer Naftali Group; a mixed-use residential and commercial development by Abbhi Capital; and a three-tower mixed-use residential project by The Witkoff Group.

Miami Worldcenter has been opening in phases. The already completed retail space includes three eateries from Ariete Hospitality Group’s Michelin-star-rated Chef Michael Beltran.

Julia Echikson contributed to this story. Jeff Ostrowski can be reached at jostrowski@commercialobserver.com.