Atlantic Pacific Lands $158M Construction Loan for Overtown Development
By Julia Echikson August 7, 2023 4:41 pm
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Atlantic Pacific Companies scored a $157.5 million construction loan to complete a mixed-use development in Miami’s Overtown neighborhood, property records show.
The mortgage from PNC Bank, which acted as the lead lender for a group of banks, will go toward Block 45, a 36-story development with 616 rental units, 24,865 square feet of retail space and approximately 32,800 square feet of amenities. That’s in addition to an adjacent seven-story parking lot with 625 spots.
Construction began in January and is scheduled to end in May 2025.
In 2019, Miami-Dade County approved a 90-year ground lease for the 2-acre site at 152 NW Eighth Street, just west of the Miami Central station near Downtown Miami.
A representative for the developer did not immediately respond to a request for comment.
Overtown, a historically African-American neighborhood near Downtown that was marred by the erection of the I-95 highway, is seeing a rush of development. The Swerdlow Group is building Block 55, a 1.4 million-square-foot development that will feature over 500 apartments, 120,000 square feet of offices and a retail component featuring Target, Burlington, Ross Dress for Less, CVS, Starbucks and Aldi stores.
Atlantic Pacific’s financing comes less than a month after the South Florida-based developer scooped up a 293-unit rental complex in Plantation for $86 million with LEM Capital from PGIM Real Estate.
Julia Echikson can be reached at jechikson@commercialobserver.com.
