MIAMI—The developers of Shoppes at Civica have won a $30 million construction/permanent loan to develop the two-story, 50,000-square-foot retail and entertainment complex in Miami. Shoppes at Civica is will rise in the Miami Health District.
Aztec Group arranged the loan facility with Sabadell United Bank. Aztec senior managing director Howard Taft and director Charles Penan completed the transaction on behalf of the Swerdlow Group.
“Shoppes at Civica will be a transformative addition to Miami's Health District, offering shopping and dining options to the 50,000-plus people that travel to the district on a daily basis,” says Taft. Located at 1050 NW 14th in Miami's Health District, the second largest health and medical campus in the country, the two-story shopping center will add restaurants, retail stores, and lounges to a neighborhood that has been underserved for years.
Demolition of the existing property has already begun, with vertical construction expected to begin in early 2014. Phase I of the development, Shoppes at Civica, will include local and international retailers, food and beverage outlets, and entertainment venues. Phase I is slated for completion in mid-2015.
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