$340 million construction loan closed for building on Brickell

$340 million construction loan closed for building on Brickell

Rendering of Panorama Tower on Brickell Avenue

TWJ 1101, LLC has closed on a $340 million loan for the construction of Panorama Tower, an 83-story high-rise currently under construction on Brickell Avenue.

Panorama Tower, which will be the tallest residential building on the eastern seaboard south of New York, is to rise to a height of 830 feet. In addition to 821 luxury rental apartments, the building will include a 208-room hotel, 100,000-square-foot medical office facility, 50,000 square feet of high-end retail, and a 2,000-car parking garage.

The construction loan was given by a syndication of seven banks headed by Wells Fargo Bank, National Association, as Administrative Agent. The foundation work, already underway, should be completed in March, and then the steel work will begin.

Rosenthal Rosenthal Rasco Kaplan LLC, led by Aventura partner, Kerry E. Rosenthal, manager of the firm’s Real Estate and Development practice, represented Tibor Hollo and TWJ 1101 LLC in the transaction. The firm also represented the developer when it acquired the property in 2009.

Rosenthal Rosenthal Rasco Kaplan LLC is a multi-practice law firm focusing on real estate, land use and development, commercial litigation, and family law. The firm was founded more than 30 years ago by Alan S. Rosenthal, who has practiced law in South Florida for more than 50 years, and recently celebrated 50 years working with his paralegal, Raquel Wells.

Tibor Hollo, chair and president of Florida East Coast Realty LLC, has been involved in the development of over 60 million square feet of residential, commercial, retail, and industrial space, with landmark projects from New York to Nevada and throughout Florida.

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