The unfinished commercial space is comprised of three floorsplus a mezzanine in a 60-story tower at 888 Biscayne Blvd. Thespace includes two terraces for outdoor seating and comes with thetitle to 185 dedicated parking spaces in the building's multi-levelgarage.

According to Kennedy Funding, the borrower is an experiencedcommercial developer with an excellent credit history and a trackrecord that includes numerous commercial real estate purchases. Thelender says the borrower has consistently secured financing forpast purchases through traditional sources, primarily bankloans.

However, with the credit crunch and economic uncertainty, evensuch an exceptionally strong borrower found it difficult to close aconventional loan, notes Jeffrey Wolfer, Kennedy Funding presidentand co-CEO. He says his company was willing to come forward basedon the surrounding area's improving profile, as evidenced by arecently completed arena and performing arts center, and selectionof the district as the site for the new Miami Art Museum.