The Ackman-Ziff Real Estate Group LLC arranged the financing for an entity controlled by The Related Companies, The O'Connor Group and The Related Group of Florida.
Ackman-Ziff secured an interim first mortgage and mezzanine loan from a Wall Street investment bank. The interest rate is floating over LIBOR. This was the fourth financing that Ackman-Ziff, which represented the borrowing entity exclusively, secured for the managing member of the borrower's general partner.
The Palladium at CityPlace is an entertainment-retail development that also has 110 apartments and lofts. The project has a Mediterranean village atmosphere. Tenants there include FAO Schwarz, Macy's, Publix, The Cheesecake Factory, Barnes & Noble, Williams-Sonoma, Hugo Boss, Ann Taylor, Kenneth Cole, Nicole Miller, Banana Republic, City Cellar Wine Bar and Grill and a 20-screen Muvico complex.
Palladium at CityPlace is part of a larger project called CityPlace. This $600 million, 2.8 million-sf, 55-acre mixed-use development is located near the intersection of Okeechobee Boulevard and Interstate 95 here. CityPlace features specialty stores, signature restaurants, a live cultural arts facility, a state-of-the-art cinema complex, office space, residences and a hotel and convention center.
Howard Elkus of Elkus/Manfredi Architects designed CityPlace. The Palladium Co., which is known for its urban mixed-use developments, developed CityPlace.
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