The Real Deal Miami

Hines fund gets $27M loan for Doral Corporate Center

Firm secures funding from TD Bank
July 15, 2014 05:15PM

Doral Corporate Center

Doral Corporate Center

A Hines U.S. Office Value Added Fund II secured a $26.7 million loan from TD Bank for its Doral Corporate Center.

Cushman & Wakefield served as the exclusive adviser to Hines, which includes a brokerage unit along with a real estate investment and management company. The senior mortgage loan is secured by the 280,000-square-foot Class A office complex — made up of two buildings — on Doral Boulevard and NW 87th Avenue.

Of the $26.7 million loan, approximately $23.8 million was funded at closing. More than $2.9 million will cover future leasing costs.

“We received substantial interest in this opportunity from the lending community due to the property’s high-quality construction, its prime location in the heart of Doral, the long-term tenancy of financially-sound tenants and the strong sponsorship of Hines,” Cushman & Wakefield Managing Director Ehlinger told GlobeSt. [GlobeSt] — Claire Moses