(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-A construction loan for $250 million has been secured for one of Downtown Miami's much anticipated mixed-use developments, Met 2. The $1-billion, two-tower project, set to feature 750,000 sf of class A office and 358 hotel rooms, is being developed through a joint venture by MDM Development Group and New York-based MetLife.

Bank of America and Wachovia Bank are the two lead banks providing the loan, says Tim Weller, vice president of MDM. HSBC Bank USA, RBC Bank and Bank of Scotland are also part of the loan. "To have secured a $250-million construction loan in this economic climate is nothing short of unprecedented," Weller says. "It is a testament to the confidence these financial organizations have in our development, and for that we are extremely appreciative."

The joint venture used equity and a bridge loan to start the project, Weller explains, and began to seek this new construction loan well before the current market situation. "That gave us a real advantage," he says.