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Miami Design District venture lands $125M construction loan for Sweetbird North
The eight-story Sweetbird North project will add 22,500 square feet of ground-floor retail and office space on a 0.3-acre site.
A joint venture led by the owners of the Miami Design District has secured $125 million in debt to build Sweetbird North, a mixed-use development designed by Snøhetta, according to Commercial Observer and Miami property records.
The project, planned at 95 Northeast 40th Street, will total 120,000 square feet and be housed within a stainless-steel veil. Sweetbird North is set to include 22,500 square feet of ground-floor retail and office space on the top floors, occupying an eight-story footprint on a 0.3-acre site that previously remained vacant with retail pop-ups and food carts.
French bank Crédit Agricole, acting for a group of lenders, provided the construction loan, Commercial Observer reported. The developer Raycliff Capital is listed as a sponsor for Sweetbird North alongside the original backers of the 18-block mall, including Miami-based developer Craig Robins, LVMH-backed L Catterton Real Estate, and Bernard Arnault's family office.
The financing comes as the Design District prepares further expansion that includes a 25-story condo tower and a 12-story hotel branded by Fouquet's, both being developed by the same sponsors and not yet broken ground. Commercial Observer also noted that another nearby 20-story, 107-unit tower remains under construction, and a Kengo Kuma-designed development with a San Ambroeus restaurant broke ground in June after landing an $85 million debt package.