Ugo Colombo’s CMC Group landed a $69.9 million refinancing for a Coral Gables mixed-use complex anchored by The Collection exotic car dealership.
City National Bank of Florida provided the five-year, floating-rate loan to the CMC affiliate that owns 4000 Ponce at 200 Bird Road, a press release states. A JLL team led by Paul Stasaitis and Paul Adams arranged the loan on behalf of CMC.
In 2001, CMC completed the Mediterranean-style, nine-story project that entails 150,000 square feet of office space and 32,000 square feet of ground-floor retail, including The Collection, which is co-owned by Colombo. The dealership sells Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi sports cars.
The 4000 Ponce complex is 90 percent occupied. Tenants include Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates, the release states.
Since developing the Bristol Tower condominium in Miami’s Brickell neighborhood in 1993, Colombo has been one of South Florida’s most prolific condo developers. His firm recently partnered with Nadmi Ashi’s Fort Partners to develop the Four Seasons Private Residences, a 20-story boutique tower with 70 condos in Coconut Grove. The joint venture launched sales earlier this year. Units will range from 3,000 square feet to roughly 4,000 square feet.
In December, CMC landed a $239 million construction loan for Vita at Grove Isle, another condo project in Coconut Grove. CMC began construction on the seven-story Vita last year, and construction is expected to be completed next year. The developer has presold 70 percent of the 65 units in the planned project.
Among other recent refinancing deals, a Magellan Development Group-led joint venture scored a new $147.7 million loan for Gio Midtown, a mixed-use tower in Midtown Miami. The mortgage, provided by PGIM Real Estate, replaced a previous loan secured by the 32-story building at 3101 Northeast First Avenue with 447 apartments and nearly 38,000 square feet of ground-floor retail space anchored by a Trader Joe’s grocery store.