Construction of the Paramount Miami Worldcenter was propelled forward with the help of a Bilzin Sumberg legal team.
Partner Martin A. Schwartz and associates Anthony De Yurre and Salome Bascunan helped Paramount's development team close a two-part $285 million construction loan, one of the largest for new condominium construction in Miami-Dade County.
"This shows that for specific projects, you can still get financing," Schwartz said.
Construction lending is limited for new condo construction in Miami away from the water.
Paramount, a 60-story tower with over 500 units, is rising in the master-planned Miami Worldcenter, a 27-acre mixed-use development in downtown Miami.
"The construction loan for Paramount Miami Worldcenter is a good example of the lending appetite in South Florida's real estate market, with signature developments benefitting from strong sponsorship, premium locations and steady sales activity in the best position to secure traditional financing," Schwartz said. "Miami Worldcenter's mixed-use makeup is particularly attractive to lenders that are putting an emphasis on asset class diversity."
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