SunTrust closes $185M loan for Telemundo’s new HQ

Prologis sold the land to a SunTrust affiliate for $22M

February 05, 2016 11:15 AM

Land that sold at Beacon Lakes and Cesar Conde, chairman of NBCUniversal International Group and NBCUniversal Telemundo Enterprises

The development site of NBCUniversal Telemundo’s global headquarters has traded hands, and the new owner closed on a $185 million loan for the 37-acre property.

Miami-Dade County records show that Prologis sold an undeveloped portion of the Beacon Lakes Industrial Park, which is west of the Florida Turnpike along Northwest 25th Street in Miami. The buyer, SunTrust Equity Funding, closed on a $184.99 million mortgage for the land, which it is leasing to Telemundo. Wells Fargo is the trustee for the lender. The true lender is undisclosed, according to a Wells Fargo spokesperson.

On Tuesday, NBCUniversal Telemundo Enterprises will break ground on a new headquarters, according to a press release. A spokesperson for the groundbreaking could not be reached for more information, but in December, Prologis filed plans with the county to add industrial buildings to its Beacon Lakes project, expanding the 436-acre site to 482 acres. That includes plans for two buildings that would serve as Telemundo’s new studios, the South Florida Business Journal reported.

Telemundo currently has studios at 7355 Northwest 41st Street. The company includes all of NBCUniversal’s Hispanic franchises, including the Telemundo Network, Telemundo Studios, NBC UNIVERSO, Telemundo International, and its digital media operations.

The SunTrust affiliate paid just more than $22 million for the land, records show. The financing includes a 4.24 percent interest rate.

Correction: An earlier version of this story incorrectly identified Wells Fargo as the lender. Wells Fargo is the lender’s trustee. 

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