Terra Group secures $145m finance deal.Fremont Investment & Loan, a subsidiary of Fremont General Corporation and Corus Bank, N.A., a subsidiary of Corus Bankshares Corus Bankshares, Inc. operates as the holding company for Corus Bank, N.A. that offers consumer and corporate banking products and services. The bank's deposit products include checking, savings, money market, and time deposit accounts. , Inc. announced that they acted as co-lenders to close on a $145 million loan to provide construction financing for development of Terra Group's "Quantum on the Bay Quantum on the Bay is a complex of skyscrapers in Miami, Florida that is currently under construction. It is located in the Midtown Miami area. The complex consists of two main towers, the Quantum on the Bay South Tower and the Quantum on the Bay North Tower. " located in Miami, Florida “Miami” redirects here. For the Native American tribe, see Miami tribe. Miami is a major city in southeastern Florida, in the United States. It is the county seat of Miami-Dade County. Miami is a gamma world city with an estimated population of 404,048. . An affiliate of General Motors Pension Fund provided the mezzanine loan A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). . The $190 million development will be located along the west side of Biscayne Bay adjacent to the Margaret Pace Park, just north of the Miami CBD (Component Based Development) Building applications with components (objects). See component software. CBD - component based development in the dynamic Miami Art District. Quantum on the Bay will consist of 698 units in two towers--47 and 40 stories each atop a 4-story 978-space parking garage--positioned so that most units will offer spectacular bay, city, and South Beach views. "The Terra Group enjoys having a great business relationship with such excellent financial institutions such as Fremont Investment & Loan and Corus Bank. "Quantum on the Bay is a great project that will benefit the entire Arts District neighborhood in the City of Miami," said Pedro Martin, the developer. "We're proud to be a part of this development and to continue our relationship with the Terra Group," said Gerry Robbins, Vice President for Fremont Investment & Loan's Atlanta office. |
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