The Real Deal Miami

Marina Blue commercial space gets funding

October 24, 2008 10:38AM

Regular financing channels didn’t deliver, but 888 Biscayne Enterprises LLC reports that it secured funding for a 44,000-square-foot commercial space in the recently completed Marina Blue Condominium. Kennedy Funding, a Hackensack, N.J.-based direct lender, provided $10.1 million for the acquisition. The unfinished commercial space is comprised of three floors plus a mezzanine in a 60-story tower at 888 Biscayne Boulevard. The space includes two terraces for outdoor seating and comes with the title to 185 dedicated parking spaces in the building’s multi-level garage. The credit crunch and economic uncertainty made it difficult for even an exceptionally strong borrower to close on a conventional loan for this deal, said Jeffrey Wolfer, Kennedy Financial president and CEO.