Regions Southeast | Miami
Sept 10, 2007
By: Michael Fickes, Contributing Correspondent
The development partnership of Beverly Hills-based Canyon Johnson Urban Fund and mFm Construction in Miami have secured an $85 million construction loan from Citi Community Capital for a 395-residence mixed-use development called Morrison in Miami’s Little Havana.
The $120 million development will feature two 19-story residential towers atop a six-story parking garage and will include more than 30,000 square feet of retail and 34,000 square feet of office space. When everything is said and done, the loan-to-value ratio of the project will be about 75 percent, Eli Dreszer, a partner with mFm Construction told CPN today.
Dreszer also said that the problems that have infected the credit markets in recent weeks failed to slow the process of the Morrison loan. “While we did this loan in the middle of a financial crunch, our project is much different from the speculative ventures responsible for those problems,” he said. “Our project will provide condos for middle income workers: young couples, police, firefighters and others that want to live and work downtown.”
mFm has traditionally focused on middle-income housing projects, continued Dreszer, noting that the company has made housing investments in Little Havana, the neighboring Health District area of Miami, and in emerging neighborhoods throughout South Florida.
By: Michael Fickes, Contributing Correspondent
The development partnership of Beverly Hills-based Canyon Johnson Urban Fund and mFm Construction in Miami have secured an $85 million construction loan from Citi Community Capital for a 395-residence mixed-use development called Morrison in Miami’s Little Havana.
The $120 million development will feature two 19-story residential towers atop a six-story parking garage and will include more than 30,000 square feet of retail and 34,000 square feet of office space. When everything is said and done, the loan-to-value ratio of the project will be about 75 percent, Eli Dreszer, a partner with mFm Construction told CPN today.
Dreszer also said that the problems that have infected the credit markets in recent weeks failed to slow the process of the Morrison loan. “While we did this loan in the middle of a financial crunch, our project is much different from the speculative ventures responsible for those problems,” he said. “Our project will provide condos for middle income workers: young couples, police, firefighters and others that want to live and work downtown.”
mFm has traditionally focused on middle-income housing projects, continued Dreszer, noting that the company has made housing investments in Little Havana, the neighboring Health District area of Miami, and in emerging neighborhoods throughout South Florida.
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