A joint venture led by Driftwood Capital and Merrimac Ventures has secured a $145 million construction loan from Centennial Bank to finance Riverside Wharf along the Miami River, Commercial Observer reported. The financing supports a $350 million hospitality and entertainment development in Downtown Miami.
The 1.3-acre site is located at 114 Southwest North River Drive, bordered by the First Street Drawbridge and Interstate 95. Moss Construction will serve as the general contractor for the project, with completion scheduled for the fall of 2028.
What happened
The planned 200,000-square-foot development will include a 167-room hotel spread across two nine-story towers. Plans also feature a 30,000-square-foot nightclub, a 12,000-square-foot event hall, 16,000 square feet of restaurant space, and the return of The Wharf outdoor bar, which previously operated on the parcel.
To round out the project capital, the development team has raised $15 million through the federal EB-5 program, aiming for a total of $60 million from foreign investors. The project sits on land owned by both MV Real Estate Holdings, an ongoing partner in the venture, and the City of Miami. In 2022, Miami voters approved a 50-year extension of the ground lease, which requires the developers to construct a new seawall and a publicly accessible riverwalk along the waterfront.
What it changes for a closing
For loan administration and closing teams, Riverside Wharf highlights the documentation required when blending regional bank senior debt with EB-5 equity. Centennial Bank and the EB-5 capital providers must coordinate disbursement schedules, intercreditor arrangements, and compliance oversight across the construction timeline.
The closing also hinges on ground lease mechanics involving a municipal counterparty. Lawyers and title teams must satisfy leasehold mortgage requirements with the City of Miami while tracking municipal covenant commitments, specifically the obligation to deliver a public riverwalk and a rebuilt seawall alongside the private hotel and retail spaces.