School loan

Silverstein lends $340 million to Downtown Miami Hotel/Condo Tower

Left to right: Larry Silverstein, Founder, Silverstein Properties, and Dan Kodsi, Managing Director, Royal Palm Companies (Royal Palm Companies, Silverstein Properties/Illustration by Steven Dilakian for The Real Deal)

The flow of money from New York to South Florida continues.

Silverstein Capital Partners has provided Dan Kodsi’s Royal Palm Companies with a $340 million construction loan for Legacy Hotel & Residences, a mixed-use condo and hotel tower planned for Miami World Center in downtown Miami.

The financing marks the third-largest construction loan ever in Florida, following two others for projects in Miami-Dade County, according to a news release. The other two were: $558 million loan for the construction of the Estates at Acqualina in Sunny Isles Beach and a $345 million loan for Five park in Miami Beach.

It is also New York-based Silverstein’s first loan move to South Florida. Silverstein Capital Partners is a subsidiary of Larry Silverstein’s Silverstein Properties, who led the redevelopment of the World Trade Center after 9/11.

Heritage Hotel & Residences launch of sales end of 2019. In the midst of the pandemic, it is now fully presold with a projected condo sale of $160 million. It is under construction and should be delivered in 2024.

The 50-storey tower is scheduled for 942 Northeast First Avenue as part of the planned 27-acre Miami Worldcenter development. It will have 310 condos above a 219-key hotel and a 10-story $100 million Blue Zones medical and wellness center.

(Source: Quinn PR)

Michael May, chairman of Silverstein Capital Partners, said in a statement that the loan fits the company’s strategy of financing “complex developments with creative financial structuring.”

Martin Schwartz and Bilzin Sumberg’s Anthony de Yurre, who represented the developer, said in a joint statement that projects with strong developers and significant pre-sales “will continue to be in high demand” for lenders and investors looking to profit. from the heat of South Florida. Marlet.

Royal Palm Companies opened Legacy in August after the developer pre-sold the residential component. OneWorld Properties, led by Peggy Olin, handled sales and marketing. Olin was also responsible for the sale of Paramount Miami Worldcenter, Kodsi’s condo tower that was completed in 2019.

Legacy will also have ground-level retail, five restaurants and bars, a 1-acre hotel pool deck, a seven-story rooftop atrium and a 500-foot cantilevered pool. height. Buyers will be able to rent their units without rental restrictions, and Accor will manage and operate the tower.

The building was designed by Kobi Karp Architects, Design Agency and ID & Design International. Perkins + Will designs the Blue Zone Center.

Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, has sold parts of the largest assembly to developers over the years. Earlier this year, it sold a 1-acre development site that is zoned for nearly 850 residential units and 1.2 million square feet to investment firm Coral Gables Abbhi Capital. for 20 million dollars.