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Witkoff and Monroe Capital secure $302.6M construction loan for Miami tower
The financing includes an added $245.3 million, bringing the loan to support about 890 multifamily units plus 15,000 square feet of retail at 700 North Miami Avenue.
Witkoff and Monroe Capital have secured a $302.6 million construction loan for a multifamily tower in Downtown Miami, according to Commercial Observer, citing property records and a source familiar with the plans.
The project at 700 North Miami Avenue is expected to include about 890 residential units and about 15,000 square feet of ground-floor retail space. Commercial Observer also said the site sits between the MiamiCentral station and the 27-acre Miami Worldcenter master development.
Commercial Observer reported that Apollo Global Management's Athene Annuity and Life Company and J.P. Morgan Chase took part in the loan, including adding $245.3 million to an initial $57.3 million of outstanding debt.
The construction is described as the first phase of a larger mixed-use undertaking that, filed in 2022, would include 2,195 residential units, 540,000 square feet of office space, and 50,000 square feet of retail space across three towers. Commercial Observer added that the joint venture previously purchased the 4.7-acre vacant site for $94 million, which had been the location of the Miami Arena before its demolition in 2008.