MIAMI-After failing to secure financing through conventional sources, the purchaser of a 44,000-sf commercial space in the recently completed Marina Blue Condominium building closed a loan through Kennedy Funding. The Hackensack, NJ-based direct lender provided $10.1 million to 888 Biscayne Enterprises LLC for the acquisition.

The unfinished commercial space is comprised of three floors plus a mezzanine in a 60-story tower at 888 Biscayne Blvd. The space includes two terraces for outdoor seating and comes with the title to 185 dedicated parking spaces in the building’s multi-level garage.

According to Kennedy Funding, the borrower is an experienced commercial developer with an excellent credit history and a track record that includes numerous commercial real estate purchases. The lender says the borrower has consistently secured financing for past purchases through traditional sources, primarily bank loans.

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