Jay Steinman

Elaina I. Sodhi

MIAMI, September 18, 2019—Miami-based Duane Morris LLP Real Estate Practice Group partners Jay Steinman and Elaina I. Sodhi, as local counsel, represented Centennial Bank with co-counsel Herrick Feinstein in a complex $161.5 million loan transaction that closed on September 11, 2019. The deal consisted of a $120.0 million senior loan facility and a $41.5 million mezzanine component.

Centennial Bank provided the senior financing for the construction of a 49-story, mixed-use residential building, including 646 dwelling units, office, retail and commercial space, related amenities and a 22,177-square-foot religious facility. The transaction was unique in that it involved the First United Methodist Church of Miami, which sold the property located at 400 Biscayne Blvd. to a company affiliated with developer PMG in exchange, in part, for the buyer’s agreement to construct a new facility for the church within the project, which will also include co-living units. 

“We’re proud to have assisted Centennial Bank on this financing transaction, which will further enhance downtown Miami’s dynamic residential market,” said Steinman. “Moreover, the First United Methodist Church of Miami will have a stunning new sanctuary that will benefit both the congregation and our community.”   

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