Development and Financing for $3 Billion Miami Worldcenter Project

Paramount Miami Worldcenter

Representation of Paramount Miami Worldcenter in all facets of the development of a 564-unit residential tower and six-acre amenity deck, which is the $650 million centerpiece of the $3 billion Miami Worldcenter. The team represents Paramount Miami Worldcenter in its acquisition of land and air rights, development agreements, and all other agreements related to the complicated, mixed-used nature of the 28-acre Miami Worldcenter development. Representation included obtaining a $170 million construction loan and two mezzanine loans totaling $150 million. One of the mezzanine loans included EB-5 financing. Work on these loans took over eight months and began even before the land purchase was finalized.

John C. Sumberg
Founder, Chairman
Representation of Oleta Partners, LLC, a joint venture comprised of affiliates of the LeFrak Organization and Turnberry Associates, in the successful negotiation of the long-term ground lease and complicated leasehold financing for a 185-acre brownfields redevelopment site in the City of North Miami...
Negotiation of economic development incentive programs for major corporate clients, as well as representation of developers and contractors in complying with the government procurement procedures of the United States Department of Defense, Postal Service, General Services Administration, and various...
Representation of debtor in possession in the chapter 11 case of Cabi Downtown LLC, the owner of an 849-unit condominium project owing over $250 million to a bank consortium, defaulting unit purchasers, trade creditors, and its general contractor. The case was the first large condominium filing in S...