Miami Worldcenter Associates affiliate issued $13M purchase money mortgage as part of deal
By Katherine Kallergis for The Real Deal
An affiliate of Miami Worldcenter Associates has sold the land for Paramount Miami Worldcenter to its partner, Dan Kodsi, for $26.275 million.
Records show Miami A/I Parcel 2 Subsidiary LLC sold the 2.25-acre site on Northeast 10th Street and Northeast First Avenue to Tower 2 LLC, led by Kodsi. The seller also issued a nearly $13 million purchase money mortgage to the Kodsi-led company. Kodsi told The Real Deal he expects to close on a construction loan sometime over the next two months.
Nitin Motwani and Art Falcone are the master developers of Miami Worldcenter, a $1.7 billion mixed-use project in downtown Miami and Overtown.
When completed at the end of 2018, Paramount will sit directly next to Worldcenter’s 450,000 square feet of high street retail space, and the project as a whole will also feature a 429-unit apartment project from Orlando developer ZOM. MDM Development Group scored approvals earlier this year for its redesign Worldcenter’s hotel component, the Marriott Marquis Miami Worldcenter Hotel & Expo, which is slated to bring 1,700 hotel rooms to the area. The design is by Nichols Brosch Wurst Wolfe & Associates (NBWW), a Coral Gables architectural firm.
Read the Full Story HERE >>>> Source: The Real Deal Miami Worldcenter developers sell condo site to Dan Kodsi-led company for $26M