Ugo Colombo’s CMC Group has obtained a $74 million refinancing for the Coral Gables site of the company’s luxury auto dealership The Collection, The Real Deal has learned.
CMC’s The Collection Properties and The Collection received the loan from New York-based Allianz Life Insurance Company of North America on Tuesday, according to Miami-Dade County records. The transaction includes a $17.5 million future advance for the 4000 Ponce de Leon Boulevard property. The mixed-use building was constructed in 2001.
The county recorded the refinancing on Thursday.
In addition to the auto dealership, 4000 Ponce includes 150,000 square feet of office space and 35,000 square feet of ground-floor retail space, according to CMC’s website. The Collection’s brands include Aston Martin, Ferrari and Maserati.
Across the street, a company managed by Shoma Group CEO Masoud Shojaee wants to build a luxury residential development called The Collection Residences. It hopes to build 270 high-end residences and about 40,000 square feet of ground-floor retail space at the 4101 Salzedo Street and 4112 Aurora Street properties.