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South Florida

Canyon funds $42M loan for North Miami property

Causeway Square
Causeway Square

The owner of Causeway Square in North Miami has obtained a $42 million senior loan from Canyon Capital Realty Advisors, according to a statement provided to The Real Deal.

Canyon gave the loan to Bay Harbor-based real estate firm Taubco, which owns the 170,000-square-foot office and retail property on the northeast corner of 123rd Street and Biscayne Boulevard. The financing allows Taubco to purchase and restructure an existing mortgage from Wells Fargo Bank, according to Canyon’s statement. The company also plans to use the funds to complete leasing up and building out some of the office and retail space.

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Causeway tenants include LA Fitness, TotalBank and Vitamin Shoppe.

Wells Fargo filed a foreclosure lawsuit against Taubco in 2011 over a $53 million mortgage. Taubco ended up filing a countersuit against the bank. A settlement was reached last month to resolve the foreclosure case. — Eric Kalis

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