Commercial Observer – Zom Living and The Moinian Group have scored $142.5 million in construction financing for Luma at Miami Worldcenter, a 43-story luxury apartment tower in Downtown Miami, Commercial Observer has learned.
Moinian Capital Partners (MCP) provided the debt, which has a four-year term with a one-year extension option and comprises a $119 million senior loan and a $23.5 million mezzanine loan.
The company also provided 60 percent—or $23.7 million—of the common equity in the transaction.
Cushman & Wakefield’s Robert Given and Robert Kaplan, based out of the brokerage’s Miami offices, secured both the equity and the debt.
The developers are getting ready to break ground on the 434-unit property at 150 Northeast 7th Street. When completed, it will be a focal point of the 27-acre, $4 billion Miami Worldcenter mixed-use project, the largest master-planned development in the country after Hudson Yards.
“After successfully developing the country’s largest single tower residential development Sky, which includes over 70,000 square feet of cutting-edge amenities, we are excited to expand our presence in such a cosmopolitan city like Miami, and more specifically Miami Worldcenter,” Joseph Moinian, the founder and CEO of The Moinian Group said in prepared remarks.
Miami Worldcenter occupies 10 city blocks in the middle of numerous attractions, including Museum Park, Port Miami, American Airlines Arena and the Adrienne Arsht Performing Arts Center. The development—led by Principals Arthur Falcone and Nitin Motwani—will include 300,000 square feet of high street retail, destination dining and entertainment, more than 2,000 hotel rooms, and up to 500,000 square feet of Class-A office space.