Merrimac, Aria Secure $95M Construction Loan for 600 Miami Worldcenter Condo Project

Merrimac Ventures and Aria Development Group have achieved a significant milestone in their
ambitious 600 Miami Worldcenter condo project with the successful securing of a $95 million
construction loan from Banco Inbursa. This substantial financial backing is poised to propel the
project forward, enhancing its position as a key player in the dynamic landscape of Downtown
Miami.

The project, located at 600 N.E. First Ave on a 0.8-acre site, is primed to redefine luxury living in the heart of Miami. With a total of 606 condos spread across 32 stories, encompassing 520,175 square feet, along with 3,750 square feet of restaurant space, 600 Miami Worldcenter promises to be a standout addition to the city’s skyline.

Key players in facilitating this construction loan for 600 Miami Worldcenter condo project are Jordan Roeschlaub, Dustin Stolly, Nick Scribani, Daniel Matz and Holden Witkoff, from Newmark. Additionally, Joseph Hernandez, Salomé Bascuñan and Anthony De Yurre from Bilzin Sumberg have been integral in securing the required financing to advance the project. Their expertise and dedicated efforts have been pivotal, in moving the project.

Expected completion date for the 600 Miami Worldcenter condo project

The developers are excited to announce that all condos have been completely sold, indicating a demand and confidence, in the projects appeal. The groundbreaking event is around the corner. The project is expected to be finished by 2026 promising an unparalleled luxury living experience for its future residents. Nitin Motwani, the managing partner of Merrimac Ventures expressed his enthusiasm about the 600 Miami Worldcenter condo projects potential highlighting the demand for its location and fully furnished homes. He emphasized how Banco Inbursa was particularly drawn to this addition within the Miami Worldcenter.

Other than 600 Miami Worldcenter condo project, Merrimac Ventures is actively involved in developing two towers within Miami Worldcenter. Collaborating with the Related Group they have successfully launched The Crosby—a450 unit condominium that has already been completely sold out and boasts no restrictions. Additionally, Merrimac is making progress on Caobas phase, which introduces a 40 story tower comprising 420 apartments.

Located on the edge of downtown Miami, the vast 27 acre Miami Worldcenter serves as an example of urban integration. Valued at over $6 billion, in development value it offers a range of amenities including residences, retail stores, dining options and hotels. Nitin Motwani holds a position, in the Miami Worldcenter Associates team. Plays a crucial role in advancing the overall vision of the project.

Miami Worldcenter benefits from its proximity, to cultural landmarks like Museum Park, which is home to Pérez Art Museum Miami and the Frost Museum of Science. Additionally, it is situated next to the Kaseya Center, where the Miami Heat plays as the Adrienne Arsht Center for the Performing Arts and Miami Dade Colleges Wolfson Campus. The strategic location of this 600 Miami Worldcenter condo development also provides access to Brightline’s MiamiCentral station offering train services to Aventura, Fort Lauderdale, Boca Raton, West Palm Beach and Orlando. It also allows access to Tri Rail, the Metromover and the Metrorail systems. This makes Miami Worldcenter not Florida’s transit oriented development but also one that is seamlessly connected.

In 2022, developers acquired this property for a total of $17.5 million with an eye on the flourishing downtown Miami landscape. This strategic move served as their foundation for contributing to the transformation of Miamis fabric. The secured construction loan worth $95 million for 600 Miami Worldcenter condo project represents a leap for Merrimac Ventures and Aria Development Group as they solidify their dedication towards shaping the future of Miamis real estate market.