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Taubco scores $46.5M refinancing for Causeway Square in North Miami
Developer is planning to build a new apartment complex across the street
Developer Taubco just closed on a $46.5 million refinancing of Causeway Square, its 168,956-square-foot, mixed-use development in North Miami.
The financing was provided by 3650 REIT, which is a newly launched commercial real estate lender based in Miami. Charles Foschini, Chris Apone and Robert Iudice of Berkadia’s South Florida office arranged the 10-year loan on behalf of Taubco, according to a release.
Built in 2009 and 2010, Causeway Square is anchored by LA Fitness and includes more than 86,800 square feet of office space at 1801 Northeast 123rd Street. The project also includes a four-level parking garage.
The office and retail complex is 96 percent occupied to tenants including Pediatric Associates, Massage Envy and Yogen Fruz, according to the release. Causeway Square also consists of a 5,000-square-foot, free-standing TotalBank branch and a 4,000-square-foot Vitamin Shoppe building.
Just last month, Taubco won North Miami’s city’s town council approval for a land-use amendment that paves the way for its long-time planned apartment complex just across the street. Called Causeway Village, the project calls for 297 rental units and 15,480 square feet of retail space. – Amanda Rabines