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Florida & Gulf Coast  + Miami + South Florida  + Apartments  |  December 15, 2021
Legacy Hotel & Residences in Miami, FL
Lisa McDuffie
By: Lisa McDuffie

Silverstein Provides FL’s Third Largest Construction Loan for Miami Project

Royal Palm Companies, the developer of Legacy Hotel & Residences in downtown Miami, has closed on a $340-million construction loan from Silverstein Capital Partners.

According to Silverstein Capital Partners, which is best known for redevelopment of the World Trade Center after 9/11, the loan is the third largest construction loan in the state of Florida, following Acqualina and Five Park. It is the firm’s first construction loan in South Florida.

Legacy broke ground in August of this year in the mega-project Miami Worldcenter. Its 310 residences sit atop a 219-room hotel and were sold out (for $160 million) in less than 12 months.

“The $340-million construction loan secured for Legacy at Miami Worldcenter is the latest sign that Miami’s real estate market is excelling at attracting capital as domestic and international business and wealth migration fuels sales,” said Martin Schwartz and Anthony de Yurre, partners at Bilzin Sumberg, which represented the development team in the transaction.

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Inside The Story

Bilzen Sumberg’s Schwartz

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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