CMBS loan obtained for Miracle Mile mixed-use property
The owner of a mixed-use property on Miracle Mile in Coral Gables received $23.4 million in financing from a commercial mortgage-backed securities (or CMBS) lender.
New York-based Rialto Group provided the loan to private equity firm CGI Merchant Group for the 65,242 square feet of retail and office space at 55 Miracle Mile, according to a written statement from CGI, which acquired the space and 402-space parking garage for $26.8 million in October 2013. The property was recently reappraised at a $29.1 million valuation. Tenants include Ben & Jerry’s, HSBC Bank and the Tarpon Bend restaurant.
The CMBS loan will be used to refinance existing acquisition debt and for capital and tenant improvement reserves. Since acquiring the property, CGI has made numerous improvements, including upgrades to the building’s exterior, corridors, lighting system and interior offices.
“This is a significant transaction, and one that underscores what we already knew from the onset – that 55 Miracle Mile is a highly qualified asset with core credit tenants,” CGI CEO Raoul Thomas said. — Eric Kalis