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Miami nightclub E11even boosts mortgage to $18M

Miami nightclub E11even boosts mortgage to $18M
Owner invested $40M into property from 2012 to 2013
September 15, 2015 03:00PMBy Katherine Kallergis

E11even nightclub in Miami

The owner of E11even, a 24-hour nightclub and cabaret, has boosted its mortgage to $18 million, Miami-Dade County records show.
The 20,000-square-foot club, at 29 Northeast 11th Street in Miami, is a $40 million development that was completed in 2013. It’s across the street from the future Miami Worldcenter, the 27-acre mixed-use development in downtown Miami. Miami Worldcenter Associates, led by Art Falcone and Nitin Motwani, are developing the ten-block project.
Mountain Valley Mutual LLC is the lender. Local investor Michael Simkins signed the mortgage on behalf of the lender. Simkins is a manager of the LLC.
29 NE 11 Street LLC is the borrower, according to county records. The LLC lists Marc Roberts and a Jupiter address on its corporate records. It paid $4.5 million for the half-acre property in 2012.
The nightclub and bar features four 24-hour full-service bars, a full kitchen, DJ booth, 32 VIP rooms, 30-foot LED screens, valet parking and self parking, according to E11even’s website. It is also known as a strip club with exotic dancers.

Source: The Real Deal

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