The Real Deal Miami

Loan secured for SunTrust tower

February 03, 2009 01:57PM

Philadelphia-based Guggenheim Real Estate and Fort Lauderdale-based Stiles Corp. have joined to secure a five-year, fixed-rate $47.5-million loan for its SunTrust International Center. The funding was provided by an unnamed life insurance company and will be used to replace a maturing loan, according to Holliday Fenoglio Fowler LP, which completed the transaction on behalf of the owners. The 420,080-square-foot SunTrust International Center is located at 1 SE Third Ave. in Downtown Miami. The 31-story tower, which opened in 1973 and was renovated in 2002, is 88 percent leased to tenants including Akerman, Senterfitt and Eidson, Bank of America, Rachlin, Cohen and Holtz, SunTrust Bank and Incisive Media.