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Miami — Fifth Third Bank has provided a $43 million construction loan for the construction of 53,000 square feet of retail space and a 1,100-space parking garage at Miami Worldcenter, a 27-acre mixed-use project in downtown Miami.
Miami Worldcenter Associates and CIM GROUP are developing the project, which at full build-out will feature 360,000 square feet of retail space, apartments buildings, a 600,000-square-foot office building, 1,700-room Marriott Marquis hotel and 350,000 square feet of convention space. The loan brings the total amount of financing secured to date to approximately $500 million.