The Real Deal Miami

Brickell office building owners get $47M loan

Chicago lender provides bridge financing for tower across from City Centre

April 09, 2014 10:30AM

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Brickell City Tower

Brickell City Tower

The owners of Brickell City Tower in Miami obtained a $47 million bridge loan shortly after selling a portion of their site to multifamily developer ZOM.

A joint venture between Banyan Street Capital, Crocker Partners, Independencia and Silverpeak Real Estate Partners received the mortgage from Chicago-based Ares, according to Tuesday’s written announcement from CBRE, which arranged the transaction. The venture, which operates at 80 SW 8th Street LLC, sought the financing to release substantial equity following last month’s $16.8 million sale of a 27,500-square-foot parcel to ZOM.

The 285,529-square-foot Brickell City Tower was previously known as Brickell Bayview Centre. It is located across the street from the massive Brickell City Centre development.

“The revised loan is a reflection both of the skill of the operator for creating value where others saw only the office building and a testament to the lightning quick return of the Brickell marketplace as a vibrant 24-hour city,” CBRE vice chairman Charles Foschini said.

Foschini, CBRE first vice president Christopher Apone and vice chairman Christian Lee arranged the loan on behalf of the venture. — Eric Kalis

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