{"id":346915,"date":"2026-07-21T04:32:32","date_gmt":"2026-07-21T04:32:32","guid":{"rendered":"https:\/\/www.newsbeep.com\/us-fl\/346915\/"},"modified":"2026-07-21T04:32:32","modified_gmt":"2026-07-21T04:32:32","slug":"witkoff-monroe-capital-land-302m-construction-loan-for-downtown-miami-rental-commercial-observer","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/us-fl\/346915\/","title":{"rendered":"Witkoff, Monroe Capital Land $302M Construction Loan for Downtown Miami Rental \u2013 Commercial Observer"},"content":{"rendered":"<p><a href=\"https:\/\/commercialobserver.com\/company\/witkoff\/\" title=\"Witkoff\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Witkoff<\/a> and <a href=\"https:\/\/commercialobserver.com\/company\/monroe-capital\/\" title=\"Monroe Capital\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Monroe Capital<\/a> have secured a $302.6 million loan construction loan to build a multifamily tower in Downtown Miami, property records show.<\/p>\n<p>The high-rise will include about 890 units and 15,000 square feet of ground-floor retail space at 700 North Miami Avenue, between the MiamiCentral station and the 27-acre Miami Worldcenter master development, per a source familiar with the plans.<\/p>\n<p>SEE ALSO: <a href=\"https:\/\/commercialobserver.com\/2026\/07\/rialto-hines-295-fifth-manhattan-office-building\/\" rel=\"nofollow noopener\" target=\"_blank\">Rialto, Hines Refi 295 Fifth With $229M Loan<\/a><\/p>\n<p><a href=\"https:\/\/commercialobserver.com\/company\/apollo-global-management\/\" title=\"Apollo Global Management\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Apollo Global Management<\/a>\u2019s <a href=\"https:\/\/commercialobserver.com\/company\/athene-annuity-and-life-company\/\" title=\"Athene Annuity and Life Company\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">Athene Annuity and Life Company<\/a> and <a href=\"https:\/\/commercialobserver.com\/company\/j-p-morgan-chase\/\" title=\"J.P. Morgan Chase\" class=\"company-link\" rel=\"nofollow noopener\" target=\"_blank\">J.P. Morgan Chase<\/a> took a loan with $57.3 million in outstanding debt and increased it by $245.3 million, the source told Commercial Observer.<\/p>\n<p>The construction represents the first phase of a larger mixed-use project. In 2022, Witkoff and Monroe Capital <a href=\"https:\/\/commercialobserver.com\/2022\/01\/the-witkoff-group-miami-worldcenter\/\" rel=\"nofollow noopener\" target=\"_blank\">filed plans<\/a> to build 2,195 residential units, 540,000 square feet of office space and 50,000 square feet of retail space across three towers. <\/p>\n<p>The prior year, the joint venture had <a href=\"https:\/\/commercialobserver.com\/2021\/07\/witkoff-monroe-newmark-jll-mdm-miami-worldcenter\/\" rel=\"nofollow noopener\" target=\"_blank\">purchased<\/a> the 4.7-acre, vacant site for $94 million. The site had housed the Miami Arena, where Miami\u2019s NBA team, the Heat, played before it was demolished in 2008.<\/p>\n<p>The development marks the second project between New York-based developer Witkoff and Chicago-based Monroe Capital. Across Biscayne Bay in Miami Beach, the pair are building the oceanfront Shore Club luxury condo development, where a penthouse remains under contract for $120 million.\u00a0<\/p>\n<p>Alex Witkoff, son of founder Steve Witkoff, runs the firm after the patriarch became President Donald Trump\u2019s special diplomatic envoy in 2025.\u00a0<\/p>\n<p>Julia Echikson can be reached at <a href=\"https:\/\/commercialobserver.com\/2026\/07\/witkoff-monroe-capital-miami-worldcenter-apollo-jp-morgan\/mailto:jechikson@commercialobserver.com\" rel=\"nofollow noopener\" target=\"_blank\">jechikson@commercialobserver.com<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"Witkoff and Monroe Capital have secured a $302.6 million loan construction loan to build a multifamily tower in&hellip;\n","protected":false},"author":2,"featured_media":346916,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[142042,8001,43991,741,123,125,124,19657],"class_list":["post-346915","post","type-post","status-publish","format-standard","has-post-thumbnail","category-miami","tag-700-north-miami-avenue","tag-channel","tag-construction-financing","tag-finance","tag-miami","tag-miami-headlines","tag-miami-news","tag-miami-worldcenter"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/346915","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/comments?post=346915"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/posts\/346915\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media\/346916"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/media?parent=346915"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/categories?post=346915"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-fl\/wp-json\/wp\/v2\/tags?post=346915"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}