The loan for Arch Creek Towers, a waterfront complex at 2000 NE 135th St., is at an undisclosed Libor-based floating rate for a two-year term. Marshall Smith, EVP of Coral Gables-based Thomas D. Wood and Co., secured the non-recourse funding from Wachovia Securities.
The Sony Building refinancing loan is at an undisclosed adjustable-rate for a two-year term. Paul Stasaitis, managing director, and Todd Adams, senior real estate analyst in the local office of Holliday Fenoglio Fowler, arranged the financing of behalf of the owner, Bayview Lincoln Road LLC and entities controlled by locally based Bayview Financial LP. The lender is Fremont Investment & Loan.
The building was recently renovated and the owners will invest another $2.4 million in capital improvements. The property, which was built in 1932, is located at 605 Lincoln Rd. and fronts a retail promenade. It contains 8,620 sf of ground-floor retail. Among the planned improvements is subdivision of the retail space into three units. Hear Music and Oakley have committed to purchase two of the units.
"Market response to this conversion has surpassed expectations and already has contracted over 80% of available office space," Stasaitis says. He credits much of the success to the building's historical architecture and location.
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