MIAMI—The owners of a trophy property in Coral Gables just won $74 million in financing. HFF secured the loan for the 295,088-rentable-square-foot 4000 Ponce/The Collection Building.
HFF placed the 10-year, fixed-rate financing for ownership, The Collection Properties and The Collection, with a European-based insurance company. Loan proceeds go to repay the existing 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,” HFF senior managing director Paul Stasaitis tells Globest.com. Stasaitis worked wit managing director Jim Dockerty and real estate analyst Jose Carrazana to close the loan. Jim Shindell, Suzanne Amaducci-Adams, and Alexandra Lehson of Bilzin Sumberg also represented the borrower.
4000 Ponce/The Collection Building is located at 4000 Ponce De Leon Boulevard in Coral Gables. That’s immediately north of The Village of Merrick Park.
Completed in 2002, the property is 91% leased and includes 178,101 square feet of class A office and retail space. The property also includes The Collection, one of the nation’s premier automotive dealerships featuring the world’s leading automobile brands such as Ferrari, Maserati, McLaren, Aston Martin, Jaguar, Porsche, and Audi.