A limited liability company connected to the Inter Miami CF major league soccer team obtained a $31 million mortgage from Miami-based City National Bank of Florida, according to online records from the Miami-Dade County’s Clerk of the Courts office.
The loan agreement was finalized Sept. 11 and names 0101 Miami Properties,LLC, in care of M Sports LLC, as the mortgagor. The managers of 0101 Miami Properties include Miami Beckham United LLC; Inter Miami CF’s VP and general counsel Pablo Alvarez; and Jorge and José Mas, the sibling executives of Coral Gables-based MasTec (NYSE: MTZ) and majority owners of Inter Miami CF. The Mas brothers are also listed as “guarantors” of the mortgage.
The mortgage describes about nine acres of land that 0101 Miami Properties LLC invested $27.97 million assembling between 2016 and 2019 at 678 N.W. 7th St. in Miami’s Overtown area.
At the time, the David Beckham-fronted team’s ownership was intent on building a soccer stadium at that site, or keeping it as an alternative option if a deal to construct a soccer stadium at the City of Miami’s Melreese Country Club at 1400 N.W. 37th Ave. fell through.
The Miami City Commission approved a 99-year lease deal with Inter Miami CF this past April. On Sept. 13, the Miami City Commission approved zoning that 130 acres of land at Melreese Country Club that would allow for construction of a 25,000-seat soccer stadium, a 750-room hotel, a 58-acre park, and a 1 million square-foot commercial complex with retail, offices and entertainment.
In an April interview with the Business Journal, Jose Mas said he’d like to see the site developed as workforce housing or something else that benefits the community.
In addition, Miami commissioners have discussed using rent collected from the stadium to set up an affordable housing trust fund, according to media reports.
A spokeswoman for Inter Miami CF did not return phone calls and emails by deadline.
South Florida’s real estate market has prospered since the pandemic as wealthy households, well-paid professionals, and private companies flocked from other parts of the nation. While some commercial deals are starting to slow down, multifamily apartment buildings in South Florida are still seen as a safe place to invest their money as rents continue to rise.
Although landlords have prospered, economists have warned that companies and professionals may stop migrating to South Florida if rents continue rising more than three times faster than salaries.
South Florida renters also spend more of their income on rent than any other major metropolitan area in the U.S., according to a recent report from Realtor.com.
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