Paramount Ventures has closed on a $285 million construction loan for the development of PARAMOUNT Miami Worldcenter. The funding was provided by Inbursa Bank ($170 million) and by BC Immigration Fund ($115 million) for the +$500 million,60-story tower. The loan will also fund ongoing construction of the retail promenade beneath PARAMOUNT, which will anchor the 27-acre mixed-use development known as Miami Worldcenter. The developer has currently sold 60 percent of the building’s 500+ residences for a total of over $300 million in sales.
The project’s amenity deck will feature resort-style pool complete with floating pods and private bungalows, and a premier sports and entertainment complex (including the first outdoor soccer field to be featured in a high-rise residential development), two tennis courts and a boxing studio.
“Today’s loan closing is a major milestone for the PARAMOUNT brand,” said developer Daniel Kodsi. “This is the third PARAMOUNT tower in the series and it gives us enormous satisfaction to see how well the brand has been received. We knew that we had created a new paradigm by giving buyers more than they had asked for or thought possible, and to see this new Miami landmark take shape is a proud moment for our team.”
