MIAMI—Banyan Street Capital and Oaktree Management grabbed Douglas Entrance Office Park last month. Now, the partnership has secured an $86.5 million acquisition loan for the iconic Coral Gables, FL office complex.

CBRE's Debt & Structured Finance has secured the bridge loan for Banyan and Oaktree. Blackstone of New York originated the three-year, interest-only loan, at 75% loan-to-cost, which is floating over Libor.

“The selection of Blackstone as a lender was an excellent choice,” says CBRE vice chairman Charles Foschini, who lead the deal in collaboration with vice chairman Christian Lee of CBRE's Capital Markets Institutional Properties and first vice president Christopher Apone of CBRE's Debt & Structured Finance. “The borrower won this sale by closing all cash on a line of credit.”

Douglas Entrance is a five-building office complex of 467,325 square feet at 800, 804, and 806 S. Douglas Road in Coral Gables. The park includes a mix of class A high-rise office towers, street-level retail, boutique office suites, and event space.

“There was motivation to replace the line with traditional debt, and Blackstone moved with incredible velocity to fund the loan weeks after closing of the sale,” Foschini. “They understood both the market and the operators plans for the property and crafted a loan which will allow for the successful repositioning of the asset as a true class A office park at the gateway to Coral Gables.”

The five buildings include three contemporary class A buildings constructed from 1985 through 1998, totaling 360,916 square feet, and two historic buildings spanning 106,409 square feet. The LEED Silver and Energy Star-rated office complex is 81% occupied to a mix of 43 tenants representing a range of industries, including Univision, Metlife, MasTec & AECOM, Travelers, Lexmark, and Movado.

“The Douglas Entrance Office Park in Coral Gables is one of the most well-recognized and well-located office properties in Miami, situated just a few minutes away from Miami International Airport and every major employment center in Miami-Dade County,” says Tere Blanca, president and CEO of Blanca. Douglas Entrance offers access to Miami's major thoroughfares, including the Dolphin Expressway (SR 836), as well as the nearby Miami International Airport. Dozens of high-end retail shops, restaurants, and hotels are nearby. Downtown Coral Gables and the Miracle Mile shopping and dining district are a few blocks away.