A developer of the Legacy Hotel & Residences within the Miami Worldcenter mixed-use project obtained a $340 million construction loan to move the development forward.
New York-based Silverstein Capital Partners, issuing its first construction loan in South Florida, granted the mortgage to Miami-based Royal Palm Cos., led by Daniel Kodsi. It covers the 1.53-acre property at 942 N.E. First Ave.
Legacy broke ground in August and, according to the developer, already has its condos 100% sold out. The developer can use the construction loan to bring the project to completion, which is scheduled for 2024.
The developer said this was the third-largest construction loan in Florida history, following the $588 million loan for the Acqualina condo in Sunny Isles Beach and the $345 million loan for the Five Park condos in Miami Beach.
“Silverstein Capital Partners brings the development know-how that no other lender could bring us because they understand both the development and lending business,” Kodsi said. “Silverstein's projects transform neighborhoods, so to come together as they break into the South Florida market for the first time with one of the largest loans in Miami history is reflective of potential of the product, the organizations behind it and most importantly downtown Miami, set to be the next global destination of South Florida.”
Silverstein Capital Partners President Michael May said the loan fits its strategy of supporting complicated developments with a creative financial structure.
Legacy will rise 50 stories, with 310 branded condos available for short-term rentals, a 219-room hotel, and the 120,000-square-foot health and wellness center.
The latter component was pre-leased for 10 years to Blue Legacy Ventures, a joint venture between Royal Palm Cos. affiliate Legacy Medical Holdings and Adventist Health. It will be operated through its Blue Zones preventative health care subsidiary.
The condos will range from 350 to 850 square feet. They started at $360,000, although most of them were priced from $450,000 to $500,000.
The hotel will be operated by Accor under the Morgan’s Originals portfolio.
Amenities will include a one-acre pool deck with three pools, a rooftop pool, and a seven-floor rooftop atrium with a restaurant, bar and lounge. Kodsi said there would be many health-focused features in the building, such as medical-grade air filtration systems, voice-activated elevators, touchless room key access, and cleaning robots.