HFF Secures $74M in Financing for 295 KSF Property in Coral Gables, Fla.
- Mar 19, 2014
The premier 295,000-square-foot office and retail property known as 4000 Ponce/The Collection Building just outside of Miami in Coral Gables, Fla., has been refinanced to the tune of $74 million. Acting on behalf of the borrowers, The Collection Properties L.L.C. and The Collection L.L.C., commercial real estate and capital markets services provider HFF closed the deal with a European-based insurance company.
Developed in 2002 by CMC Group, the 91-percent leased Class A asset features approximately 150,000 square feet of office space and 30,000 square feet of retail offerings, and also serves as home to The Collection, one of the top luxury auto dealerships in the country.
The financing for 4000 Ponce/The Collection came in the form of a 10-year, fixed-rate loan.
“The success of this loan placement was directly correlated to numerous factors, including the borrower’s forward development vision of this unique office-retail property 10 years ago, the phenomenal success of The Collection, as well as the rapid transformation of the immediate area into an exciting, upscale live-work-play destination,” Paul Stasaitis, senior managing director with HFF, said in a prepared statement.
HFF reeled in more than a few eager lenders for the opportunity, and was not at all surprised by the level of interest among lenders beyond U.S. borders.
“There is no question that global debt and equity sources have increased their investments in Miami,” Jim Dockerty, managing director with HFF, told Commercial Property Executive. “In fact, the levels are higher today than at any time since I moved to Miami in 1987. Miami is considered to be a primary market for institutional equity and high net worth investors from all over the world, including Asian capital.”