An affiliate of Lalezarian Properties obtained a $150 million construction loan to build an apartment tower at Miami Worldcenter, designed by Nichols Architects.
An affiliate of Lalezarian Properties obtained a $150 million construction loan to build an apartment tower at Miami Worldcenter.
Bank of New York Mellon, as administrative agent for a group of lenders, provided the mortgage to MWT 1 LLC, an affiliate of New York-based Lalezarian. It covers the 1.85-acre site at the southeast corner of Northwest Eighth Street and North Miami Avenue.
Lalezarian’s project was approved for 565 apartments, a 3,000-square-foot restaurant and 401 parking spaces in 53 stories. Miami World Tower would have a pool deck on the roof. Site work on the project recently started. It is designed by Nichols Architects.
The developer acquired the property for $43 million in 2019.
Miami Worldcenter has brought new residents and businesses to the north side of downtown Miami in one of the largest developments in the city’s history.
Read more about it here >>> Source: South FL Biz Journal https://www.bizjournals.com/southflorida/news/2022/06/28/lalezarian-miami-worldcenter-150m-loan.html