Miami Worldcenter Retail Lands $26M Mortgage from Mexican Bank
By Jeff Ostrowski July 6, 2023 4:56 pm
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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.
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.
