Big project on Miami River gets $38M construction loan

The River Landing mixed-use project along the Miami River received a $38.19 million construction loan shortly after the developer acquired the property.

Coral Gables-based River Landing Development received the mortgage from New York-based Eastwatch Holdings-T, an affiliate of NorthStar Realty Finance. The borrower is managed by Andrew B. Hellinger.

River Landing Development recently bought the property at 1400, 1420 and 1500 Northwest North River Drive for $26 million from the Mahi Shrine.

The $150 million project on about nine acres would include 440 residential units, 537 square feet of retail and a public park alone the river. The Miami City Commission already approved it.

It’s near the Health District around Jackson Memorial Hospital and the University of Miami medical campus.