Driftwood, Merrimac, MV Real Estate Secure $145M Centennial Bank Loan for $350M Miami Riverside Wharf

Driftwood Capital, Merrimac Ventures and MV Real Estate Holdings have secured $145 million in construction financing from Arkansas-based Centennial Bank for the $350 million Riverside Wharf mixed-use project on the Miami River, funding vertical construction of the nine-story, two-tower development at 114 Southwest North River Drive. The 200,000-square-foot project will include a 167-room Dream Hotel, a 30,000-square-foot nightclub, a rooftop pool and day club, a 12,000-square-foot event hall and 16,000 square feet of restaurant space, with completion targeted for fall 2028. Plans also include a revived and expanded The Wharf Miami, a public riverwalk and a Garcia's Fish Market pop-up. The Wharf Miami closed in September 2023 after a near six-year run to clear the site, which Miami voters approved for redevelopment in an August 2022 special election. Centennial Bank held nearly $2.8 billion in real estate construction and land loans and $5.9 billion in commercial real estate loans as of June 30, about 35 percent of its $24.6 billion in total assets.