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Greenwich Group, BF Capital To Finance Nearly 2M-SF Project

MIAMI-The firms are funding an estimated $294 million, or 65%, of the more than $450-million project Island Gardens, which is being developed by Flagstone on Watson Island here. Plans call for the project to include hotels, retail space and a marina, among other things. Island Gardens is expected to be completed in September 2007.

By Melissa Bogdany | Updated on October 18, 2004

MIAMI-The developers of Island Gardens, a 1.6-million-sf, mixed-use project proposed for Watson Island, have retained Greenwich Group International LLC and BF Capital Partners LLC, both based in New York, to provide equity, mezzanine and debt financing to develop the more than $450-million project.

The firms are financing 65% of the project cost, or an estimated $294 million, through construction debt. The other 35%, or about $158 million, is to be funded with equity. Flagstone Property Group LLC; its managing partner, Flagstone Development Corp., and its project subsidiary, Flagstone Island Gardens LLC are developing the project. The financing terms are to be negotiated.

Flagstone has committed to contributing equity of at least $22 million to the project capitalization, or nearly 14% of the planned equity. Through Sept. 30, the company already had invested and committed about $12 million of the committed equity capital to fund expenses, a figure expected to grow to $14 million by the end of the year. Flagstone is looking to raise about $136 million in equity from investors for the capitalization.

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