Newmark Knight Frank Arranges Refi for Miami Office
- Apr 18, 2019
Brickman has refinanced a 142,000-square-foot office building in downtown Miami by $31 million. Per Miami-Dade County public records, the owner used the Varde Partners-originated financing to retire an existing loan. Brickman purchased the asset in 2016 for $33.9 million, using a $24.4 million loan from Canadian Imperial Bank of Commerce, according to Yardi Matrix data.
Newmark Knight Frank’s Debt and Structured Finance team of Vice Chairmen & Co-Heads Jordan Roeschlaub and Dustin Stolly, Managing Director Chris Kramer and Associate Director Josh Egert arranged the transaction on behalf of the owner.
Located at 200 S.E. First St., the 12-story building is surrounded by plenty of retail, dining and entertainment options, with public transport hubs nearby. Built in 1958, the asset underwent cosmetic renovations in 1998 and 2015. Additionally, the current owner invested in a capital improvement program to reposition the property as a Class A asset. The asset includes 12,000 square feet of street-level retail space and a tenant roster of diverse service-provider businesses.
Recently, Newmark Knight Frank also brokered the $63 million sale of Canyon Park Commons, a 206,770-square-foot office park in Bothell, Wash.