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RPC (Royal Palm Companies), the developer of Legacy Hotel & Residences in downtown Miami, has closed on Florida’s third largest construction loan, a $340 million construction loan from New York City-based Silverstein Capital Partners (SCP), Real Estate Weekly has reported.
The loan exceeds financing for Acqualina and Five Park. It is SCP’s first construction loan in South Florida.
Legacy broke ground in August of this year in the heart of Miami Worldcenter (MWC), the second-largest urban development in the U.S. There will be a 219-room hotel below 310 condo residences. The development is expected to be completed in 2024.
For the Blue Zone Center, Legacy is working with healthcare architect Perkins & Will, consultant Coker Group and Cactus, based in New York.
“Silverstein Capital Partners brings the development know-how that that no other lender could bring us because they understand both the development and lending business,” Daniel Kodsi, CEO and developer of RPC, said in a statement. “Silverstein’s projects transform neighborhoods, so to come together as they break into the South Florida market for the first time with one of the largest loans in Miami history is reflective of potential of the product, the organizations behind it and most importantly Downtown Miami, set to be the next global destination of South Florida.”
“Legacy Hotel & Residences is a large-scale, world-class, mixed-use project that we are proud to put our name behind as it redefines wellness and hospitality,” said SCP president Michael May. “This loan fits SCP’s strategy of writing large loans on complicated developments with creative financial structuring.”
The statement says Legacy will be home to the world’s first 10-floor $100 million Blue Zones Medical and Wellbeing Center.
“Blue Zones, acquired by Adventist Health in 2020, is a worldwide leader in transforming populations by empowering people to live longer, healthier, happier lives with stronger connections with the community. The Blue Zones Center will combine modern medicine, holistic healing, and the most sophisticated artificial intelligence and medical and wellness technology to its members, guests, visitors, residents, and employees. Most impressive is the Diagnostic Room, which will offer more than 15 tests to track one’s health from every angle – all intended to put health back in the people’s hands.”