Dania Beach-based real estate developer Royal Palm Companies has landed a massive $340 million construction loan from New York City-based Silverstein Capital Partners for Legacy Hotel & Residences, a 51-story mixed-use building planned for 938 Northeast 1st Avenue within the 27-acre Miami Worldcenter master-planned development. The loan marks the third largest financing package executed in the state of Florida, and will allow for the vertical construction of the 690-foot-tall structure projected to yield nearly 1 million square feet. Renowned Miami architect Kobi Karp designed the modern Art-Deco inspired tower, and will feature interiors by ID & Design International.
Silverstein Capital Partners is the lending arm of Silverstein Properties, owned and led by Larry Silverstein, who owns, develops and operates a $10 billion portfolio of office, residential, hotel, retail and mixed-use properties. Silverstein Properties is known for the redevelopment of the World Trade Center in Manhattan post 9/11.
“The $340 million construction loan secured for Legacy at Miami Worldcenter is the latest sign that Miami’s real estate market is excelling at attracting capital as domestic and international business and wealth migration fuels sales. Legacy will be a premium condo hotel tower located at the heart of the mixed-use Miami Worldcenter development, offering residents and visitors direct access to the city’s premium restaurants, shops, cultural and entertainment venues, as well as multiple transit options within walking distance. As lenders and investors look for opportunities to direct capital to Miami and South Florida, developments with strong sponsors, significant pre-sales, and desirable locations will continue to be in high demand,” said Martin Schwartz and Anthony de Yurre, partners at Bilzin Sumberg, which represented the development team in the transaction.