CBRE Capital Markets has put together a $213 million loan for the renovation and upgrade of a Class A office tower in Downtown Miami.
The New York-based real estate advisory firm arranged the financing on behalf of a joint venture between CP Group, Rialto Capital Management and Sabal Capital Partners, finalizing terms on July 13. CBRE declined to disclose the lender.
The financing will be used for the revitalization of One Biscayne Tower, a 38-story, Class A office property in Downtown Miami. The joint venture was represented by Amy Julian, a senior vice president in CBRE Capital Markets’ debt and structured finance division, and Andrew Chilgren, a financial analyst within CBRE’s institutional properties team.
Julian said the renovations and existing views at the asset will fuel tenant attraction and drive leasing momentum within Miami’s growing central business district, which she said has experienced unprecedented activity from new-to-market tenants.
“As rents in Brickell have soared to new heights, Downtown has been well positioned to offer tenants top-tier Class A office space at a steep discount to the rents in Brickell,” Julian said. “This dynamic has benefited Downtown, which has posted over 130,000 square feet of positive net absorption so far in 2022.”
One Biscayne Tower’s renovation slate includes upgrades to the lobbies, new amenities, a new conference facility and upgrades to the common areas and restrooms; Julian said these improvements will provide an opportunity for the sponsor to add significant value to the property when coupled with the local market dynamics. CBRE was not able to disclose specific deal terms, the firm said.