Milbank LLP represented a joint venture between The Witkoff Group and Monroe Capital in connection with a $367 million refinancing of the venture's existing pre-development mortgage and mezzanine financing. The new construction financing package, consisting of mortgage and mezzanine facilities provided by JPMorgan and Apollo Global Management, will be used to repay the existing debt and fund a portion of the cost to construct the first phase of a three-tower luxury residential and mixed-use development in Downtown Miami.
The project's first phase will feature an 894-unit residential tower, ground-floor retail space and a nine-story parking garage. The tower is the first component of a larger mixed-use development planned for the nearly five-acre site formerly occupied by the historic Miami Arena. Located just steps from major transit connections, the property is considered one of the most strategically situated remaining development sites in Miami Worldcenter.
Upon completion, the full master-planned development will consist of three residential towers totaling 2,346 apartments, making it one of the largest residential projects planned within Miami Worldcenter.
Milbank previously represented Witkoff and Monroe Capital on the pre-development financing, and Monroe Capital on its initial preferred equity investment in 2021 and the ultimate equity joint venture with Witkoff in 2021, helping to position the development of the project.
The refinancing represents another significant investment in Downtown Miami's rapidly growing residential market.
The Milbank deal team was led by Real Estate consulting partner Kevin O’Shea, along with associates Matthew Freifeld, Sylvia Rosner and Daniel Acosta.
