CORPORATE

Moinian Secures $185M Refi For Miami Worldcenter Rental

Commercial Observer | Dec 7, 2022

The Moinian Group scored $185 million from Square Mile Capital Management to refinance its residential property inside Miami Worldcenter, the mega-development in the heart of the Magic CIty.

The 43-story tower, Bezel Miami, features 434 units, which are nearly all leased. The 355,435-square-foot building hit 90 percent occupancy in September, said a representative for Moinian. A two-bedroom apartment, spanning 1,057 square feet, is now renting for over $4,448 a month.

The building, located at 650 NE Second Avenue, one block west of the Freedom Tower and Biscayne Boulevard, was completed just last year.

Moinian initially partnered with Zom Living on the property, providing both a $119 million loan and $23.7 million in equity for the project in 2019. The Orlando-based Zom Living had purchased the 8,428-square-foot site for $19.5 million earlier that year, according to property records. However, Moinian is now the sole owner of the project.

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