The owner of the iconic Miami Tower has added nearly $33 million to an existing loan secured by the 47-story downtown Miami building, The Real Deal has learned.
I&G Miami, short for Income & Growth Miami, received the $92.8 million refinancing from JPMorgan Chase Bank on Monday, according to Miami-Dade County records. The company is managed by Chicago-based LaSalle Income & Growth Fund V. It paid $105.5 million in December 2010 for the 600,000-square-foot tower at 100 Southeast Second Street.
The loan comes due in March 2016.
Designed by I.M. Pei, Miami Tower is known for its colorful LED lighting scheme and is often shown during televised Miami events. It is about to be renamed TotalBank Tower. The bank signed a 60,000-square-foot lease to move its headquarters to the building last fall.