Developer scores $10.5M loan for Coral Gables office condo project

Miami /
May.May 19, 2016 12:45 PM

The Solution Group closed on financing for Ofizzina 1200, a planned 16-story office condo project in Coral Gables. 

Records show the developer scored a $10.5 million balloon mortgage for the property, located at 1200 Ponce de Leon Boulevard. Funding Rock Investments, a British Virgin Islands-based firm, is the lender.

Ofizzina was designed by Corwil Architects and will include 54 suites totaling 96,767 square feet of office space, ground floor retail and 332 parking spaces. The developer also plans to incorporate a drive-thru bank facility in the project, according to records filed with the county in February.

Camilo Lopez, CEO of the Solution Group, previously told The Real Deal that the majority of buyers are foreign, hailing from Argentina, Brazil, Hong Kong, Mexico, Switzerland and the United Kingdom, and paying anywhere from $700 to $850 a square foot. They include institutional tenants, wealth management firms and international banks.

Units will range from 600 square feet to 3,000 square feet, with the option to purchase entire floors of 9,000 square feet. Amenities will include a rooftop spa, a gym and an Italian cafe downstairs, as well as charging stations for electric cars.

Property records show an affiliate of the developer paid about $6.7 million for the 29,000-square-foot property, and received approval for the project in November 2014.

Ofizzina joins other office condo projects that include One Flagler, the office component of Aventura ParkSquare and CK Prive’s two developments: Forum Aventura and Aventura Square.

 

Related Articles

arrow_forward_ios
Constellation's Eduardo Otaola and Boschetti's Jose Boschetti with rendering of proposing a 15-story, mixed-use luxury rental project (LinkedIn, Boschetti Group, Arquitectonica, Getty)
Developers propose mixed-use luxury rentals in Coral Gables
Developers propose mixed-use luxury rentals in Coral Gables
Randy Walker with 60 Edgewater Drive (ExCo Group, Brown Harris Stevens)
Gables Club developer Marc Kovens sells his penthouse
Gables Club developer Marc Kovens sells his penthouse
Gables Club Tower II at 60 Edgewater Drive in Coral Gables (Condo.com, Getty)
Coral Gables closing tops Miami-Dade’s weekly condo sales
Coral Gables closing tops Miami-Dade’s weekly condo sales
Deerwood Town Center at 12085-2107 Southwest 152nd Street in Miami-Dade County, One Biscayne Tower at 2 South Biscayne Boulevard in Miami and 2990 Ponce office building in Coral Gables with Gildenson Real Estate's Eduardo Gildenson and CP Group’s Angelo Bianco (Google Maps, Gildenson Real Estate, CP Group)
Lease roundup: Quest takes space at One Biscayne Tower & more
Lease roundup: Quest takes space at One Biscayne Tower & more
From left: Belong co-founders Tyler Infelise, Ale Resnik, and Owen Savir (Belong, Getty Images, Google Maps)
Lease roundup: Rentals manager Belong moves HQ to Brickell
Lease roundup: Rentals manager Belong moves HQ to Brickell
MG Developer's Alirio Torrealba with 3191 Southwest 39th Avenue and 3160 Southwest 38th Court (LinkedIn, Google Maps)
MG completes Miami apartments dev site assemblage
MG completes Miami apartments dev site assemblage
Terranova’s Stephen Bittel with 93 Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
Terranova plans retail-and-office project on Coral Gables’ Miracle Mile
SecureSpace’s Nathan McElmurry with 2811 Coral Way
SecureSpace pays $23M for Coral Way self-storage facility
SecureSpace pays $23M for Coral Way self-storage facility
arrow_forward_ios

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

Loading...