Heat funding for tech center is 'pure play'.

Funding for Internet startups may be hard to find, but there's at least $108.5 million in cold, hard cash fueling construction of the Technology Center of the America's, thc building that will house the NAP.

A $48 million equity investment for the TECOTA came from three investors: Barrow Street Capital, a real estate investment firm affiliated with the Wall Street merchant bank Greenhill & Co.; Lubert-Adler Management, a Philadelphia-based real estate investment company; and Calor Development, a real estate affiliate of the Miami Heat, Miami Sol and AmericanAirlines Arena.

Eric Woolworth, president of business operations for the Miami Heat Group, said TECOTA is "a pure real estate play for us."

The Heat is a limited partner and is not putting in more money, or investing in the NAP itself.

Terremark owns 1 percent of the TECOTA group's equity, but has 100 percent of the leasing rights. Terremark unconditionally guaranteed completion of the TECOTA and guaranteed a $60.5 million construction loan, which came from Ocean Bank and three other lenders.

By Dec. 31, Terremark had sold slightly more than $8 million of a potential $100 million to $150 million offshore offering of 13 percent convertible debentures, according to a 1OQ SEC filing.

Terremark has sold more since, said CEO, Chairman and President Manny Medina.