One Thousand Museum developers settle lawsuit with a $90M loan
A foreclosure lawsuit filed against the developers of One Thousand Museum, the downtown Miami skyscraper designed by the late architect Zaha Hadid, has been resolved.
The London-based Motcomb Estates, an investment arm of the Reuben Brothers, filed a $82.7 million foreclosure complaint on March 3 over 15 unsold units in the ultra-luxury building, where prices start at $5 million. The family-owned global firm is operated by London-based billionaire brothers David and Simon Reuben.
Developer Biscayne Tower LLC has obtained a $90 million mortgage loan from the Utah-based
Cirrus Real Estate Partners to pay for the unsold units, according to a press release by One Thousand Museum co-developer Louis Birdman. The loan will satisfy the terms of the foreclosure complaint and allow the developer to retain sales rights to the units. The South Florida Business Journal first reported the news.
“While our original timeline for securing an inventory loan was pushed due to travel restrictions that hindered lenders from walking the finished project, we ultimately found the right lender in Cirrus Real Estate Partners,” Birdman said in a press release. “We are pleased to enter this new chapter and confident in the upcoming sellout of our landmark building.”
The building closed $100 million in sales in
2020, according to Mayi De La Vega, founder and CEO of One Sotheby’s International Realty. The brokerage firm is the exclusive broker for the highrise tower fronting Miami’s Frost Science and Perez Art museums. Thus
far in 2021, the building has sold more than $35 million in units, De La Vega said in a press release, “putting us on pace to exceed our 2020 success.”
The Reuben brothers recently made news in
Miami by buying the trendy Asian barbecue Wynwood restaurant Kyu, with the intention of taking the brand global.