Banco Inbursa Supplies $95M Construction Loan on Miami Worldcenter Condo Project
By Andrew Coen February 5, 2024 10:43 am
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A joint venture between South Florida developers Merrimac Ventures and Aria Development Group has nabbed $95 million of construction financing to build a 32-story condominium tower in Downtown Miami, Commercial Observer has learned.
Banco Inbursa provided the loan on the sponsorship’s 600 Miami Worldcenter project, set to break ground soon with an estimated 2026 completion date.
Aria and Merrimac acquired the 34,800-square-foot site within the 27-acre Miami Worldcenter development site for $17.5 million in November 2022.
Located at 600 NE First Avenue, just east of the Miami Central train station, the 606-unit project sold out all presale condos, which range from studios to two-bedroom units with prices starting in the $400,000 range. The property’s amenities will include a rooftop swimming pool, a fitness center and co-working space.
Newmark (NMRK) arranged the transaction with a team led by Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Daniel Matz and Holden Witkoff.
“600 Miami Worldcenter has been one of our most anticipated and fastest-selling developments, which was appealing for our lenders at Banco Inbursa,” Nitin Motwani, managing partner at Merrimac Ventures, said in a statement.
Officials at Banco Inbursa did not immediately return a request for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
