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

Project will include parking and ground-floor retail on Ponce de Leon Boulevard

May.May 19, 2016 12:45 PM

Rendering of Ofizzina 1200 in Coral Gables

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

500 Marquesa Drive (Credit: Realtor)

Former hedge funder sells waterfront home in Coral Gables for $8M

The Mile, Robert Given and Troy Ballard

Greystar looks to sell luxury rental building The Mile near Coral Gables

Manny Machado and Chad Carroll with 20 Tahiti Beach Island Road (Credit: Getty Images and Douglas Elliman)

Buyer revealed: Baseball player Manny Machado buys Tahiti Beach Island manse

Chad Carroll with 20 Tahiti Beach Island Road (Credit: Redfin)

Tahiti Beach Island manse sells for half its original ask

AmTrust office building at 2701 Ponce de Leon in Coral Gables

AmTrust Bank building sells in Coral Gables

Allen Morris and Miracle Mile (Credit: Wikipedia)

Mixed-use projects in downtown Coral Gables will fuel population and commercial tenant growth: panel

Rendering of the Mile Hotel and Shops and Stephen Bittel (Credit: Arquitectonica and the Florida Democratic Party)

Stephen Bittel’s Terranova wants in on the hotel game on Miracle Mile

From left: Escada at Bal Harbour Shops, Pronovias on Miracle Mile, and The Casper Wake-Up on Lincoln Road.

New stores opening at Aventura Mall, Lincoln Road, Bal Harbour & more