MIAMI-In a testament to the strength of Miami’s Airport West submarket, the Airport Corporate Center, an 11-building, class A office portfolio next to the Miami International Airport, has secured $79 million in financing. The borrower, a subsidiary of Hines REIT, secured a 10-year, fixed-rate loan.

HFF arranged the deal with John Hancock Life Insurance Company for the Hines subsidiary. Loan proceeds are retiring existing financing set to mature in March 2012. The HFF senior managing director Paul Stasaitis led the negotiations. HFF directors Chris Drew and Ignacio Portuondo assisted in the deal.

Airport Corporate Center is one of the most prominent and highly recognized office parks in Airport West, and Hines’ reputation as an operator helped get the $79 million deal done, according to Stasaitis: “Lenders today have many choices on where to direct their capital, as such, providing thoroughly presented opportunities backed by top-rate sponsors with highly desirable real estate, ultimately leads to best-in-class results for both borrower and lender.”

Airport Corporate Center is located along the western edge of the Miami International Airport with prominent frontage along the Palmetto Expressway. The 11 buildings total 1,019,048 square feet and offer suburban office, single-story office and warehouse uses. Norwegian Cruise Line, South Florida Employment and United HealthCare Services are among the tenants.

With interest rates at historic lows, local industry watchers expect more commercial real estate property owners in the region to explore opportunities to refinance. Christopher Apone, vice president with CB Richard Ellis Debt & Equity Finance – Institutional Group in South Florida, is among them.

“As money starts to flow back into the stock market and riskier investments, people are going to pull their money out of treasury bills and interest rates will rise,” Apone tells GlobeSt.com. “I believe borrowers want to take advantage of the current environment.”

Last week, the Blackstone Apartments in Miami Beach refinanced its loan. The $10 million refi was a seven-year fixed rate term with two years of interest only on a 70% loan-to-value ratio. CBRE negotiated that loan with Fannie Mae. And less than two weeks ago, Fort Lauderdale-based Advanced Roofing secured a $7.5 million asset-based loan. The refinance lowers its interest payments, finances its foreign, government and domestic receivables and inventory, and offers growth capital. ACM Capital Partners negotiated that loan.