Banyan Street Capital and a Oaktree Capital Management fund just closed on a $100 million refinance of Douglas Entrance, an office complex in Coral Gables.
The floating rate loan was secured on the heels of completing a $7 million renovation to the five-building, Class A office property at 800 South Douglas Road. The Blackstone Group is the lender, according to CBRE. Christian Lee, Amy Julian and José Lobón of CBRE’s South Florida Capital Markets team arranged the financing. The deal is not yet available in public records.
Property records show Banyan and Oaktree paid nearly $101 million for the Coral Gables complex in March 2014. About a year later, the owners announced a multimillion-dollar renovation plan for the 462,888-square-foot office park, which sits on 6 acres in north Coral Gables. The improvements included upgrades to the lobbies, common space, parking garage, artwork and landscaping. Banyan and Oaktree also renovated the historic archway’s office suites with fireplaces, balconies and restored wood ceilings.
CBRE handles office leasing for Douglas Entrance, which was previously assigned to Blanca Commercial Real Estate. Tenants include MasTec, which extended its 65,000-square-foot lease at the complex in December, Perkins + Will and DLD Lawyers.
The office park also features a new cafe, restaurant and bar, and conference center. – Katherine Kallergis