MIAMI—Brickell City Tower's strategic location may have played a role in securing a $47 million bridge loan for its owners. The office building is located directly across the street from Swire's $1.05-billion, 5.4-million-square-foot, mixed-use project currently under construction.

CBRE's Debt & Structured Finance Group secured the bridge loan behalf of 80 SW 8th Street, LLC, a joint-venture partnership between Banyan Street Capital, Independencia, Silverpeak Real Estate Partners, and Crocker Partners, to refinance the class A, 33-story office tower in Miami's financial district. Ares of Chicago originated the loan, which is floating over Libor, at what CBRE called “aggressive” rates and terms.

”The revised loan is a reflection both of the skill of the operator for creating  value where others saw only the office building and a testament to the lightning quick return of the Brickell marketplace as a vibrant 24-hour city to live, work and play,” says CBRE vice chairman Charles Foschini, who arranged the loan. Known until early March as Brickell Bayview Centre, the 285,529-square-foot Brickell City Tower is on Southwest 8th Street, just blocks from Interstate 95.

The loan's purpose was to release value back to ownership following its recent sale of a portion of the site for multifamily development. In March 2014, ZOM purchased about 27,500 square feet of property that had served as a buffer around the property's parking garage for $16.75 million, with intent to develop a high-rise multifamily tower, from the current owner.

”The skyrocketing values of land and the desirability of a Brickell Area address are driving values on parcels and ventures such as these, where only a few years ago no one would have considered the small patch of land and piece of a parking garage as a development site,” Foschini says. “Increasingly the Brickell markets are said in the same breath as other major cities in the world.”

According to CBRE, the “West Brickell” location, across from the Miami Metrorail station, offers an advantage because it's close to a growing amenity base. The property's floor-to-ceiling glass provides panoramic views of Brickell Avenue, Downtown Miami, Biscayne Bay, Key Biscayne, the Port of Miami, and Miami Beach.