The Real Deal Miami

Prudential borrows $45M for Coral Gables office tower

Prudential acquired the building in December for $83M

March 18, 2016 09:45AM
By Katherine Kallergis

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355 Alhambra Circle in Coral Gables

355 Alhambra Circle in Coral Gables

About three months after picking up a Coral Gables office building, Prudential Real Estate Investors closed on a $45.4 million mortgage for the 16-story, Class A office building.

In mid-December, Prudential paid $83 million for the 492,820-square-foot office building at 355 Alhambra Circle. The property, developed in 2011, includes a multi-story parking garage and 222,241-square-feet of leasable office space.

Taylor & Mathis handles leasing for the building, led by agents Brian S. Gale, Ryan Holtzman, Andrew Trench and Jeannette Pay Mendoza, according to its website. Tenants include Merrill Lynch, Moore & Co. and Spencer Stuart.

JPMorgan Chase Bank is the lender for the loan, which closed on Wednesday, according to Miami-Dade County records. It has the option to go up to $90.9 million.

AEW Capital Management sold the building in December at a roughly $7 million loss from its purchase price in 2008.

Nearby at 100 Alhambra Circle, Gables Residential closed on $56 million in construction financing for a new 200-unit apartment tower. U.S. Bank National Association provided the loan.