Brickell office building owners get $47M loan

Chicago lender provides bridge financing for tower across from City Centre

TRD MIAMI /
Apr.April 09, 2014 10:30 AM

The owners of Brickell City Tower in Miami obtained a $47 million bridge loan shortly after selling a portion of their site to multifamily developer ZOM.

A joint venture between Banyan Street Capital, Crocker Partners, Independencia and Silverpeak Real Estate Partners received the mortgage from Chicago-based Ares, according to Tuesday’s written announcement from CBRE, which arranged the transaction. The venture, which operates at 80 SW 8th Street LLC, sought the financing to release substantial equity following last month’s $16.8 million sale of a 27,500-square-foot parcel to ZOM.

The 285,529-square-foot Brickell City Tower was previously known as Brickell Bayview Centre. It is located across the street from the massive Brickell City Centre development.

“The revised loan is a reflection both of the skill of the operator for creating value where others saw only the office building and a testament to the lightning quick return of the Brickell marketplace as a vibrant 24-hour city,” CBRE vice chairman Charles Foschini said.

Foschini, CBRE first vice president Christopher Apone and vice chairman Christian Lee arranged the loan on behalf of the venture. — Eric Kalis


Related Articles

arrow_forward_ios
From left: Miguel Solis, Mario Chirino, and Madelayne Garcia

Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more

Longtime Berkshire Hathaway team joins Elliman, CBRE taps new South Florida exec & more
Civic Construction CEO Williams Real, Vlad Doronin and an aerial view of the Brickell project's foundation (Getty, Linkedin, Golden Dusk Photography)

Construction accident at OKO Group’s Brickell tower site in Miami lands six workers in the hospital

Construction accident at OKO Group’s Brickell tower site in Miami lands six workers in the hospital
(iStock)

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2

Bargain shopping: Here’s where resi prices fell the most in Miami in Q2
Dr. Walter Okoroanyanwu, Angelo Bianco and Jim Carr 

Doctor’s orders: developers increasingly tap medical experts, amenities

Doctor’s orders: developers increasingly tap medical experts, amenities
Jay Parker and Mike Sales, with 801 Brickell Avenue (Credit: Google Maps)

TIAA sues Douglas Elliman over allegedly unpaid rent at Brickell high-rise

TIAA sues Douglas Elliman over allegedly unpaid rent at Brickell high-rise
320 85th Street in Miami Beach (Credit: Google Maps)

Lawsuit alleges Brickell brokerage violated Fair Housing Act

Lawsuit alleges Brickell brokerage violated Fair Housing Act
Michael S. Sheitelman and Josh Bank

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more

Movers & Shakers: HTG hires Crescent Heights’ former general counsel & more
Alta Developers CEO Raimundo Onetto and Le Parc at Brickell rendering

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects

Le Parc at Brickell condo association sues Alta Developers and partner for alleged construction defects
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...