Silverstein funds $340M construction loan to Miami hotel developer

by

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

The loan is the third largest construction loan in the state of Florida, following Acqualina and Five Park, and is SCP’s first construction loan in South Florida.

The skyscraper will have Miami’s first enclosed seven-story rooftop atrium

Legacy broke ground in August of this year in the heart of mega-project
Miami Worldcenter (MWC), the second-largest urban development in the U.S.
Legacy will offer 310-residences sitting atop a 219-room hotel. Legacy completed
a  $160 million sellout of the residences
in less than 12 months and before groundbreaking, led by Peggy Olin, founder
and CEO of OneWorld Properties. The development is expected to be completed in 2024.

“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,” said Daniel Kodsi, CEO and Developer of
RPC. “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 Michael May, President of Silverstein
Capital Partners. “This loan fits SCP’s strategy of writing large loans on
complicated developments with creative financial structuring.”

“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. Legacy will be a premium condo hotel tower
located at the heart of the mixed-use Miami Worldcenter development, offering
residents and visitors direct access to the city’s premium restaurants, shops,
cultural and entertainment venues, as well as multiple transit options within
walking distance. As lenders and investors look for opportunities to direct
capital to Miami and South Florida, developments with strong sponsors,
significant pre-sales, and desirable locations will continue to be in high
demand,” said Martin Schwartz and Anthony de Yurre, partners at Bilzin Sumberg,
which represented the development team in the transaction.

Designed for the international and cosmopolitan traveler
seeking a home away from home, Legacy Hotel & Residences aims to disrupt
the condo space by introducing microLUXE living to Miami. The concept offers
homeowners luxury small space living with the flexibility to live in or rent
their home without rental restrictions, fulfilling the demand of a rapidly
growing and more international downtown core.

The luxury skyscraper will also host ground-floor retail, five restaurant and bar concepts, downtown’s largest hotel pool deck set on one acre and the city’s first enclosed seven-story rooftop atrium with a restaurant bar and lounge, the city’s first Singapore-inspired cantilevered pool soaring 500 feet in the sky, and a members-only international business lounge.

Blue Zone Medical and Wellbeing Center Diagnostic Room

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.

The loan helps brings to life a first-of-its-kind ‘pandemic-proof’ development where all aspects of the 50-floor tower, from the hotel rooms and residences to the five restaurants, to the design and programming, will follow Blue Zones methods. The joint venture between Legacy Medical Holdings and Adventist Health called Blue Legacy will run and operate the Center. The joint venture is the first step in turning Miami into the next Blue Zone city.

Legacy Hotel & Residences rendering

Accor will manage and operate the tower as part of the Morgan Original’s portfolio which will provide homeowners an exclusive membership to Accor’s Ownership Benefits Program, providing complimentary beach access at other Accor properties, priority reservations, perks, discounts and more.

RPC’s in-house design team tapped into top architecture and
design firms to collaborate and help bring the tower to life including
Miami-based, Kobi Karp Architects, Design Agency, and ID & Design International.
For the Blue Zone Center, Legacy is working with top healthcare architecture
firm, Perkins & Will, healthcare consulting firm Coker Group and Cactus,
NY-based tech-driven design firm. The Blue Zone Center’s team of experts will
be working together to ensure the entire property meets medical building and
design standards that are typically unheard of for a traditional hotel.

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