The Real Deal Miami

Adler gets refinancing

September 19, 2008 09:36AM

A commercial portfolio at Miami Industrial Commerce Center in the Airport West submarket was refinanced by the Adler Group for $53.5 million through two loans from separate lenders. Both seven-year, fixed-rate loans were arranged by Holliday Fenoglio Fowler LP. Office Park at MICC, a 355,270-square-foot, eight-building flex property, was refinanced for $38 million with troubled insurer AIG. The park’s amenities include an on-site restaurant and health club, along with conference and meeting rooms. Rents there range from $22 to $26 per square foot. Adler Business Center, which consists of five buildings at MICC, has been refinanced for $15.5 million by Des Moines, IA-based Principal Financial Group. Business Center I is a 62,832-square-foot flex office/industrial property consisting of two buildings, while Business Center II includes three buildings, totaling 133,416 square feet.