The Chetrit Group receives $310m for Miami tower project

The Chetrit Group has received a $310 million loan from Madison Realty Capital for the first two phases of development of a 6.2-acre mixed-use site located in Brickell, Fla. The loan is also secured by land for the third, fourth and fifth phases of development, which land is zoned and entitled for approximately 1,300 residential units.

The site will be developed in five phases spanning 2.5 city blocks and deliver 1,928 multifamily units with top-of-the-line amenities, including boat slips, an outdoor theater, residents lounge, business center, state-of-the-art gym, pool and café. Madison Realty Capital’s loan will be used to finance Phase I of Miami River, which will deliver a 54-story, 632-unit mixed-use tower, and Phase II, which will consist of a two-building, three-story development with 24,000 square feet of commercial space and a publicly accessible esplanade and river walk along the Miami River connecting downtown Brickell to Jose Marti Park. Funds from the transact