The Real Deal Miami

Developer scores $10.5M loan for Coral Gables office condo project

Project will include parking and ground-floor retail on Ponce de Leon Boulevard

May 19, 2016 12:45PM
By Katherine Kallergis

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Rendering of Ofizzina 1200 in Coral Gables

Rendering of Ofizzina 1200 in Coral Gables

The Solution Group closed on financing for Ofizzina 1200, a planned 16-story office condo project in Coral Gables. 

Records show the developer scored a $10.5 million balloon mortgage for the property, located at 1200 Ponce de Leon Boulevard. Funding Rock Investments, a British Virgin Islands-based firm, is the lender.

Ofizzina was designed by Corwil Architects and will include 54 suites totaling 96,767 square feet of office space, ground floor retail and 332 parking spaces. The developer also plans to incorporate a drive-thru bank facility in the project, according to records filed with the county in February.

Camilo Lopez, CEO of the Solution Group, previously told The Real Deal that the majority of buyers are foreign, hailing from Argentina, Brazil, Hong Kong, Mexico, Switzerland and the United Kingdom, and paying anywhere from $700 to $850 a square foot. They include institutional tenants, wealth management firms and international banks.

Units will range from 600 square feet to 3,000 square feet, with the option to purchase entire floors of 9,000 square feet. Amenities will include a rooftop spa, a gym and an Italian cafe downstairs, as well as charging stations for electric cars.

Property records show an affiliate of the developer paid about $6.7 million for the 29,000-square-foot property, and received approval for the project in November 2014.

Ofizzina joins other office condo projects that include One Flagler, the office component of Aventura ParkSquare and CK Prive’s two developments: Forum Aventura and Aventura Square.