The Real Deal Miami

Braman nabs $37.5M loan for Miami showroom

November 04, 2013 12:00PM

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Norman Braman

Miami auto mogul and activist Norman Braman is poised to expand his headquarters in the city after getting $37.5 million in financing.

Braman Motors received the Bank of America loan on Oct. 28, according to Miami-Dade County records. The mortgage is secured by the 2060 Biscayne Boulevard site of Braman’s headquarters. Loan documents note a separate “hedge agreement” between Braman and the bank that reduces the company’s exposure to interest rate fluctuations.

Miami’s zoning board in April approved an exemption to allow Braman’s proposed seven-story, 100,000-square-foot showroom and parking garage. The site’s previous zoning limited new construction to a maximum of 55,000 square feet. – Eric Kalis

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