Blackstone Grants $100M Refi for Iconic Florida Office Asset
- Apr 10, 2017
CBRE recently announced that it has arranged a $100 million refinancing loan for Douglas Entrance, a five-building, Class A office property located in Coral Gables, Fla. The floating rate loan was provided by Blackstone Group and was secured shortly after the completion of a $7 million renovation project.
“Blackstone’s desire to recommit new capital to the sponsor and the property is further evidence of Douglas Entrance’s appeal and stature, serving as the entrance to Coral Gables,” said Amy Julian, vice president at CBRE, in prepared remarks. “Additionally, it demonstrates Miami’s desirability and stability from a financing standpoint.”
Christian Lee, Amy Julian and José Lobón of CBRE’s South Florida Capital Markets team arranged the refinancing. CBRE also handles the office leasing at Douglas Entrance.
The 462,888-square-foot office campus was built in mid-1980s and is owned by a joint venture between Miami-based Banyan Street Capital and Oaktree Management of Los Angeles. The investment team acquired the asset in April 2014 from Pearlmark Real Estate Partners for nearly $101 million.
The 6.1-acre Douglas Entrance Office Park is one of the twelve properties within Coral Gables listed on the National Register of Historic Places. Situated at the intersection of SW 37th Ave., also known as Douglas Road, and SW 8th St., the office campus serves as an original gateway to Coral Gables and is a veritable city landmark. The property is LEED Silver certified and incorporates a grand fountain and central plaza featuring lush vegetation. Tenants such as Mastec, Perkins + Will and DLD lawyers enjoy a long list of top amenities including a new café, state-of-the-art fitness center, onsite property management team, 24/7 security, valet parking, complimentary chauffer service, updated conference facilities, and a luxurious ballroom that can accommodate up to 500 guests.