Bilzin Sumberg Baena Price & Axelrod LLP worked on behalf of two South Florida-based real estate developers in securing $95 million in a construction loan to break ground on a 32-story condominium tower, according to a statement released Monday.
Merrimac Ventures and Aria Development Group received the loan from Banco Inbursa for 600 Miami Worldcenter. The tower is going to be downtown within the $6 billion, 27-acre, mixed-use Miami Worldcenter development and will offer over 600 fully furnished units and allow short-term rentals.
Construction will be completed in 2026, according to the statement.
"The construction loan for 600 Miami Worldcenter is another example of a development with strong pre-sales, top-tier sponsors and a fantastic location securing financing in South Florida at a time when financing is hard to come by in many markets nationwide," Joe Hernandez and Salome Bascunan of Bilzin Sumberg told Law360 in a statement Monday.
Bascunan and Hernandez said the developers' prior relationship with Inbursa and 100% sold development contributed to a "smooth and successful" transaction.
The development, located at 600 NE First Ave., will offer units that range from 407-square-foot studios to 830-square-foot two-bedroom units starting at $400,000. Many units are already sold to residents from the United States, Colombia, Turkey and Argentina, according to the statement. The condominium is curated by The Design Agency and designed by Revuelta Architecture and will offer expansive balconies, floor-to-ceiling windows and custom Italian cabinetry and countertops. Amenities include a state-of-the-art fitness center, co-working spaces, rooftop swimming pool and more.
"600 Miami Worldcenter has been one of our most anticipated and fastest-selling developments, which was appealing for our lenders at Banco Inbursa," said Nitin Motwani, managing partner at Merrimac Ventures. "Heightened demand for the project's ideal location and fully furnished turnkey residences are just some components that will make it a standout addition to our city-within-a-city at Miami Worldcenter."
Miami Worldcenter is the second-largest development in the United States after New York City's Hudson Yards and will feature a mixture of residential, commercial and hospitality uses along with about 300,000 square feet of retail, restaurant and entertainment space.
600 Miami Worldcenter is just the latest project for the developers as they both already have a presence in Miami. Merrimac Ventures is involved in the development of Miami Worldcenter along with two other residential towers within it, The Crosby and The Caoba.
Aria's portfolio includes the Yotel Miami, a condominium and hotel development, and 501 First, another condo in a separate joint venture.
"600 Miami Worldcenter blends best practices from our most successful luxury residential developments with the excitement of downtown Miami," David Arditi, managing partner of Aria, said in a statement. "We look forward to growing our relationship with Banco Inbursa through the construction of this beautiful project in our vibrant submarket.
Merrimac and Aria are represented by Joseph Hernandez, Salomé Bascunan and Anthony De Yurre of Bilzin Sumberg.
