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MIAMI-Boca Raton-based developer Paramount Worldwide hasreceived $216 million in financing from Corus Bank N.A. and iStarFinancial for the 346-unit Paramount Bay condominium project at2066 North Bayshore Dr. The project, which broke ground inApril,expects to start the ground up construction in early 2007.

The project also received $30 million in mezzanine financingwith Babcock & Brown. The $216 construction loan is the largestever issued by Corus Bank. The funds will be used to construct thedevelopment, which will include 30,000 sf of retail and restaurantspace. Paramount Worldwide director of finance Dung Lam tellsGlobeSt.com that the loan will pay for the construction of theproject, which is expected to cost approximately $300 million. "Thecapital markets are tighter than they have been in previous yearsso a lot more questions were asked for this project," Lam says."Lenders want to minimize their risk as much as possible."