Brickell City Tower closes $61M refinance

Miami /
Apr.April 07, 2016 06:00 PM

The joint-venture owners of Brickell City Tower closed on a $60.8 million refinance for the 33-story office building.

Banyan Street Capital, Crocker Partners and Independencia Asset Management own the property at 80 Southwest Eighth Street. Square Mile Capital Management LLC is the lender, according to a press release.

The loan will fund the 288,314-square-foot building’s renovations to the lobby, elevator and common areas, as well as to cover leasing costs. Property records show Brickell City Tower was built in 1986 and includes a 411-space parking garage. 

Tenants of the office building include Uber, Verizon, Lamex Agrifoods, Inlingua Language School, Chase Bank, Moye restaurant, the Beacon Council, the Consulate General of Japan and the Consulate General of the Republic of Turkey. Brickell City Tower was 93 percent leased as of February, Danet Linares, vice chair of Blanca Commercial Real Estate, previously told The Real Deal. Blanca is the building’s exclusive leasing agent.

“With all of the tremendous growth in the Brickell market and the property’s central location immediately adjacent to both Brickell City Centre and Mary Brickell Village, we feel that the asset is well-positioned for continued success,” Square Mile Vice President Eric Cohen said in the release.

New York-based Square Mile is an institutional real estate finance and investment management firm. The company also provided the loan for the Cypress Financial Center in Fort Lauderdale earlier this year. – Katherine Kallergis


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