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Wells Fargo Provides $103MM Construction Loan for First-of-its-Kind Transit Development

June 13, 2018, 08:00 AM
Filed Under: Construction

Wells Fargo & Company announced its involvement as a lender for MiamiCentral, a first-of-its-kind, transit-oriented development that serves as the southern terminus to the recently-opened Brightline inter-city express passenger train. Wells Fargo provided a $103 million construction loan for the development of two buildings in the MiamiCentral development, which will reshape downtown Miami by connecting the new Brightline inter-city passenger rail service with office, retail and multifamily residential space, as well as other forms of transit.

Wells Fargo provided construction financing to Florida East Coast Industries for 2 MiamiCentral and 3 MiamiCentral. 2 MiamiCentral, a 10-story, 190-thousand-square-foot Class A office tower connected directly to the Brightline terminal, is under construction and expected to be completed by late June 2018. 3 MiamiCentral is a 130-thousand-square-foot mixed-use building containing Class A office, parking and retail space, including a supermarket. 3 MiamiCentral, which is one block west of the train terminal, was completed December 2017 and is now 95 percent leased.

“As South Florida’s population continues to boom and traffic congestion worsens, Brightline will redefine how South Floridians think about where they work and live,” said Bill Vernon, head of Real Estate Banking in Wells Fargo’s Commercial Real Estate group. “2 MiamiCentral and 3 MiamiCentral are bringing highly connected office and retail space to downtown Miami, and Wells Fargo is excited to partner with Florida East Coast Industries on a cutting-edge project that will help propel development in the area.”

Brightline’s Phase 1 service launched to MiamiCentral on May 19 and is the first privately owned, operated and maintained inter-city express passenger rail service in the U.S. The Brightline train now connects the downtowns of Miami, Fort Lauderdale and West Palm Beach, significantly reducing commuting times between those cities. Ultimately, the system is expected to connect to the Orlando International Airport.

“MiamiCentral is a generational project, building on the original site of Henry Flagler’s once Downtown Miami railroad station, to connect South Floridians via Brightline,” said M. Bruce Snyder, executive vice president and chief financial officer for Florida East Coast Industries. “We are extremely pleased to have partnered with Wells Fargo on this transformational project and specifically on the development of 2 and 3 MiamiCentral, two of the most prolific mixed-use buildings featuring Class A offices, retail and parking to deliver in downtown Miami in recent memory.”


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