Prudential borrows $45M for Coral Gables office tower

Miami /
Mar.March 18, 2016 09:45 AM

About three months after picking up a Coral Gables office building, Prudential Real Estate Investors closed on a $45.4 million mortgage for the 16-story, Class A office building.

In mid-December, Prudential paid $83 million for the 492,820-square-foot office building at 355 Alhambra Circle. The property, developed in 2011, includes a multi-story parking garage and 222,241-square-feet of leasable office space.

Taylor & Mathis handles leasing for the building, led by agents Brian S. Gale, Ryan Holtzman, Andrew Trench and Jeannette Pay Mendoza, according to its website. Tenants include Merrill Lynch, Moore & Co. and Spencer Stuart.

JPMorgan Chase Bank is the lender for the loan, which closed on Wednesday, according to Miami-Dade County records. It has the option to go up to $90.9 million.

AEW Capital Management sold the building in December at a roughly $7 million loss from its purchase price in 2008.

Nearby at 100 Alhambra Circle, Gables Residential closed on $56 million in construction financing for a new 200-unit apartment tower. U.S. Bank National Association provided the loan.


Related Articles

arrow_forward_ios
Arnaud Karsenti and 5485 Hammock Drive, Coral Gables (Google Maps)
Arnaud Karsenti sells lakefront Coral Gables home for $9M
Arnaud Karsenti sells lakefront Coral Gables home for $9M
Ubiica's Alejandro Salazar (left) and Rodrigo Gana with an aerial of the project site (Eddy Davis)
Ubiica, Maven plan multifamily project in Coral Gables
Ubiica, Maven plan multifamily project in Coral Gables
4 Tahiti Beach Island Road, Coral Gables (The Carroll Group with Compass)
Former investment banker spends record $29M for Tahiti Beach estate
Former investment banker spends record $29M for Tahiti Beach estate
Don and Katrina Peebles with their recently purchased Bath Club unit. (Getty, ONE Sotheby’s International Realty)
Don Peebles buys unit at the Bath Club, finds buyer for Coral Gables estate
Don Peebles buys unit at the Bath Club, finds buyer for Coral Gables estate
From left: Coral Gables police headquarters at 2801 Salzedo Street, Codina Partners chairman Armando Codina and a view of the new Gables PD building at 2151 Salzedo Street (Google Maps, Codina)
Codina Partners’ plan for Coral Gables rental tower advances with three-way property swap
Codina Partners’ plan for Coral Gables rental tower advances with three-way property swap
Jeff Conry and 6312 Riviera Drive, Coral Gables (Google Maps)
Charter airline exec lands big profit on mansion flip
Charter airline exec lands big profit on mansion flip
Matthias Krull (Linkedin, iStock, US District Court - Sourthern District of Florida/Illustration by Alexis Manrodt for The Real Deal)
Swiss banker’s sentence slashed in alleged $1B Venezuelan money laundering scheme
Swiss banker’s sentence slashed in alleged $1B Venezuelan money laundering scheme
JRJ Group Founding Partner Roger Nagioff with his new property. (JRJ Group, Loweth Luxury Properties)
Private equity titan buys lakefront Coral Gables home for $6M
Private equity titan buys lakefront Coral Gables home for $6M
arrow_forward_ios

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

Loading...