Driftwood Capital and Merrimac Ventures Secure $145M Miami Loan
Centennial Bank provided $145 million in construction financing for the $350 million Riverside Wharf development, a 167-room hotel and retail project on the Miami River due in fall 2028.
By Amara Osei
2 min read
What's News
- Centennial Bank provided a $145 million construction loan for the $350 million Riverside Wharf development in Downtown Miami.
- The project includes a 167-room hotel across two nine-story towers at 114 Southwest North River Drive.
- Developers have raised $15 million via EB-5 and target $60 million under the program.
- The 200,000-square-foot project adds a 30,000-square-foot nightclub, a 12,000-square-foot event hall and 16,000 square feet of restaurants.
- Construction, led by Moss Construction, is expected to finish in fall 2028.
A venture led by Driftwood Capital and Merrimac Ventures has landed a $145 million construction loan to build Riverside Wharf, a $350 million hotel and retail development on the Miami River.
Centennial Bank provided the financing, which covers the waterfront project at 114 Southwest North River Drive in Downtown Miami. The site sits between the First Street Drawbridge and Interstate 95.
The development will feature a 167-room hotel spread across two nine-story towers. Construction is expected to wrap in the fall of 2028, with Moss Construction serving as general contractor.
How are the developers completing the capital stack?
Beyond the bank loan, the development team has raised $15 million through the EB-5 program and aims to reach $60 million, according to a representative for the developers. The federal program grants green cards to foreign investors who back projects creating or preserving at least 10 full-time jobs.
The full 200,000-square-foot project goes well beyond hotel rooms. Plans call for:
- A 30,000-square-foot nightclub
- A 12,000-square-foot event hall
- 16,000 square feet of restaurant space
The Wharf, an outdoor bar that previously operated on the site, will return as part of the new offering.
Who owns the land under the deal?
The 1.3-acre Riverside Wharf will rise on land owned by two parties: MV Real Estate Holdings, which remains a partner in the project, and the City of Miami. In 2022, Miami voters approved the sponsor's request to extend the ground lease with the city by 50 years.
That agreement carries public obligations. The developers must build a publicly accessible riverwalk and a new seawall as part of the deal.
The $145 million loan and the EB-5 raise together signal continued lender appetite for mixed-use hospitality projects in Downtown Miami, even as construction costs climb. With delivery set for fall 2028, Riverside Wharf will test whether riverfront nightlife and hotel demand can support one of the neighborhood's larger ground-up developments.
Source: GN: Venture Capital
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Senior reporter covering companies, deals and strategy in entrepreneurship, startups and venture funding at Business Bearings.
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