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

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

TRD 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
Chad Carroll, Matthew Dugow and Liz Hogan with 8750 Ponce de Leon Road (Credit: Douglas Elliman)

JP Morgan managing director buys mansion near Coral Gables

Henry Torres and Merrick Manor

Merrick Manor hires Berkshire EWM to take over sales

From left: Phil Gutman, Camilo Lopez and Herve Barbera, with Ofizzina

Bar Invest Group buys office condos in Coral Gables, plans new HQ

Masoud Shojaee and 3650 Bird Road (Credit: Google Maps)

Shoma plans two-tower rental project near Coral Gables

Greystar’s Bob Faith, The Mile (Credit: BuzzBuzzHome)

Greystar sells The Mile apartments for $40M

6855 Sunrise Drive (Credit: Google Maps)

Financier drops $13M for waterfront Coral Gables estate

Liz Hogan and 21 Casuarina Concourse

The biggest piece of land in Gables Estates just hit the market for $50M

A rendering of CocoWalk (Credit: iStock)

Sweetgreen expanding to Florida with first locations in Miami

arrow_forward_ios
Loading...