Home›Real Estate›Commercial›J.P. Morgan leads $1.11B financing for Mercedes-Benz P…

J.P. Morgan leads $1.11B financing for Mercedes-Benz Places-Miami

The package includes an $860 million construction loan and about $250 million of C-PACE financing, with closing expected by year end.

Reported · Written up by our desk · Commercial

Mercedes-Benz Places-Miami has advanced its construction financing, with J.P. Morgan leading a $1.11 billion package for the luxury-branded, mixed-use tower in the Brickell neighborhood, Commercial Observer reported.

The financing involves a $860 million construction loan, and Nuveen Green Capital is pursuing roughly $250 million in Commercial Property Assessed Clean Energy, or C-PACE, financing for the project, according to the outlet.

While term sheets have been signed, the deal has not yet closed, and sources cited by Commercial Observer said it is expected to close by year end.

Walker & Dunlop is also involved in negotiating the financing, and JDS Development was the original developer before Fontainebleau Development stepped in as a partner earlier this year, the report said.

More like this

Sources