43-Story Tower At Worldcenter Gets $143m Construction Loan, Groundbreaking Soon
April 27, 2019
Another tower is about to begin construction at Miami Worldcenter.
Luma at Miami Worldcenter was granted a $143M loan to begin construction, according to Commercial Observer.
Moinian Capital Partners provided the debt, along with 60 percent of equity ($23.7 million).
The 43-story tower will include 434 apartments ranging from 566 square feet to 1,808 square feet.
Luma will be the “highest-end product in the market,” a managing director for the lender said. The building will feature luxurious amenities and unencumbered views of Biscayne Bay.
Moinan believes that the rental market is the future for Miami, and they are very comfortable that they will be successful leasing it, the director said. Proximity to transportation, including Virgin Trains and Metromover, is part of the appeal.
Completion is expected in late 2021.
