Bank of the Ozarks has provided a $73.2 million construction loan to Encore Capital Management and Congress Group Ventures on the Landmark South mixed-use development project in Miami, Florida.
The development on the 24 acres of vacant land at the northeast corner of Northwest 58th Street and Northwest 107th Avenue will consist of 631 residential condos and apartment units, along with 60,000 sq ft of retail space.
The land contains a partially completed 955-space parking garage. The owners are required to leave 10,000 sq ft for a library/civic building, according to Miami-Dade county records.
The joint venture reportedly acquired the property in 2014 for $30 million from the Florida Community Development District.
Florida-based Encore operates two opportunistic funds and one private real estate investment trust with nearly $2 billion assets under management. Boston-based Congress Group has either managed or moved about $1.7 billion worth of properties in the last seven years, according to its website.
In January Bank of Ozarks financed Clise Properties’ construction of a $284 million, 40-story luxury multifamily development in Seattle’s South Lake Union neighborhood.
Last year the bank made a string of loans that included a $100 million senior loan for the development of a dual-branded W + Element hotel in Center City Philadelphia, Pennsylvania and a $115 million loan to finance the construction of an 11-story luxury residential condominium at 527 West 27th Street in the High Line district of Manhattan’s West Chelsea neighborhood.
Encore declined to comment, while the lender and Congress Group did not respond to requests for comment.