Miami's luxury condominium market may be lagging in sales, but construction financing is still flowing for projects already underway.
Paramount Miami Worldcenter, a 60-story tower with over 500 units, just landed a $285 million loan that will fuel construction at the downtown Miami site. The bulk of the loan comes from Mexico City's Inbursa Bank, a financial group controlled by billionaire Carlos Slim, which provided $170 million. The remaining $115 million was financed through BC Immigration Fund, tied to a New York-based financial institution.
The funds will also finance construction of the retail promenade at the base of the tower.
Bilzin Sumberg's Martin A. Schwartz and Anthony De Yurre represented Paramount on the loans.
About 60 percent of the building's units are under contract, totaling over $300 million in pre-sales, according to a news release. Units range from 1,180 to 2,350 square feet with prices averaging $750 per square foot.
Read more by clicking below image