Developers planning to redevelop a former home of the U.S. Immigration and Naturalization Service (INS) in Miami borrowed $26 million to finance the project.
Three entities managed by Ye Zhang — Florida Fullview Immigration Building, Fullview Immigration Building I and Wealthy Delight — borrowed the money from an affiliate of Madison Realty Capital.
In 2013, the developers paid $12.5 million for the former INS location at 7880 Biscayne Boulevard, which the federal agency vacated in 2008.
The developers have razed the building the INS occupied and plan to turn the 1.4-acre property into a mixed-use development called Triton Center, designed by Stantec.
Triton Center would encompass a 139-room Hilton Garden Inn hotel, 324 apartments, approximately 585 parking spaces, and 25,000 square feet of commercial space.
Source: The Real Deal