MIAMI-With the securing of an $85-million construction loan, Los Angeles-based Canyon-Johnson Urban Fund and locally based mFm Construction has started construction on the two-building, 395-unit Morrison mixed-use development.

mFm Construction partner Eli Dreszer tells GlobeSt.com that excavation work has started for the work force housing project in the Little Havana neighborhood. A formal groundbreaking is planned for later this year. The project, which is expected to cost $120 million, is scheduled to be completed in 2009, although one tower will be completed a few months ahead of the other one.

The financing was provided by Citi Community Capital. Peter McDougal and Nancy Griffin, of Citi Community Capital, facilitated the transaction. Locally based Greenberg Traurig, led by shareholder Joseph Hernandez, served as legal counsel for the developers in the transaction. “Because this is a work force housing project, we were shielded somewhat from the volatility that the financial markets are currently experiencing,” Dreszer says.

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