Martin Schwartz, Anthony De Yurre and Salome Bascunan

Bilzin Sumberg

Partner Martin Schwartz and associates Anthony De Yurre and Salome Bascunan represented Paramount Miami Worldcenter as the development secured $335 million in construction and mezzanine financing.

The $650 million luxury condominium is slated to be part of the larger $2 billion Miami Worldcenter revamping a section of downtown Miami where the demolished Miami Arena once stood.

The financing consisted of a secured $170 million construction loan and two mezzanine loans totaling $165 million.

The senior loan was provided by Mexico's Banco Inbursa. The mezzanine loans were a $115 million loan provided by Miami Worldcenter Lender LLC, an affiliate of New York-based Brevet Capital Advisors and $50 million in EB-5 financing.

After the deals closed in March, Schwartz said, “This shows that for specific projects, you can still get financing.”

The Bilzin Sumberg team successfully negotiated with all of the lenders as well as the project's equity partner, affiliates of the engineering firm AECOM.

The loans will pay for construction of the condo units, the retail promenade at the base of the 60-story residential tower and a 6-acre amenities deck atop a retail and garage building across a pedestrian bridge.

Negotiations involved 14 law offices in South Florida, New York, Chicago and Washington, began before the land purchase and continued for eight months.

When the loans closed, about 60 percent of the condo units were under contract, representing more than $300 million in pre-sales.

The amenities deck across the street is under separate ownership but being built simultaneously.

One of the biggest complexities for the Bilzin Sumberg team was to address the simultaneous construction and future operations of the overall project, which includes apartments, stores, offices and public areas governed by a community development district.

Bilzin Sumberg

Martin Schwartz, Anthony De Yurre and Salome Bascunan

Bilzin Sumberg

Partner Martin Schwartz and associates Anthony De Yurre and Salome Bascunan represented Paramount Miami Worldcenter as the development secured $335 million in construction and mezzanine financing.

The $650 million luxury condominium is slated to be part of the larger $2 billion Miami Worldcenter revamping a section of downtown Miami where the demolished Miami Arena once stood.

The financing consisted of a secured $170 million construction loan and two mezzanine loans totaling $165 million.

The senior loan was provided by Mexico's Banco Inbursa. The mezzanine loans were a $115 million loan provided by Miami Worldcenter Lender LLC, an affiliate of New York-based Brevet Capital Advisors and $50 million in EB-5 financing.

After the deals closed in March, Schwartz said, “This shows that for specific projects, you can still get financing.”

The Bilzin Sumberg team successfully negotiated with all of the lenders as well as the project's equity partner, affiliates of the engineering firm AECOM.

The loans will pay for construction of the condo units, the retail promenade at the base of the 60-story residential tower and a 6-acre amenities deck atop a retail and garage building across a pedestrian bridge.

Negotiations involved 14 law offices in South Florida, New York, Chicago and Washington, began before the land purchase and continued for eight months.

When the loans closed, about 60 percent of the condo units were under contract, representing more than $300 million in pre-sales.

The amenities deck across the street is under separate ownership but being built simultaneously.

One of the biggest complexities for the Bilzin Sumberg team was to address the simultaneous construction and future operations of the overall project, which includes apartments, stores, offices and public areas governed by a community development district.