The new owners of Douglas Entrance obtained an $86.8 million bridge loan for the Coral Gables office complex.
New York-based Blackstone gave the partnership between Banyan Street Capital and Oaktree Capital Management the financing, according to Tuesday’s written announcement from real estate firm CBRE, which arranged the transaction. The three-year, interest-only loan is floating over LIBOR.
Banyan and Oaktree paid nearly $101 million for the five-building, 467,325-square-foot complex at 800, 804 and 806 South Douglas Road in March. The buildings are 81 percent leased to a group of 43 tenants, including AECOM, MasTec, MetLife and Univision.
CBRE vice chairmen Charles Foschini and Christian Lee and first vice president Christopher Apone represented the partnership in securing the loan.
“The borrower won this sale by closing all cash on a line of credit,” Foschini said. “There was motivation to replace the line with traditional debt, and Blackstone moved with incredible velocity to fund the loan weeks after closing of the sale. They understood both the market and the operators’ plans for the property and crafted a loan which will allow for the successful repositioning of the asset as a true Class A office park at the gateway to Coral Gables.” — Eric Kalis