DORAL, FL—An affiliate of Hines U.S. Office Value Added Fund II has secured $26.7 million in financing from TD Bank, NA for its Doral Corporate Center office property here.
The transaction was announced by Cushman & Wakefield, which served as the exclusive advisor to Hines and arranged the senior mortgage loan that is secured by the two-building, 280,000-square-foot Class A office complex located on the southwest corner of Doral Boulevard and NW 87th Ave.
The new loan is for approximately $26.7 million, of which approximately $23.8 million was funded at closing and more than $2.9 million will be available to fund future leasing costs, Cushman officials report.
The Cushman & Wakefield Equity, Debt and Structured Finance team of Steven Kohn, Mark Ehlinger, Sri Vankayla and Suraj Ravi served as advisor to Hines.
"We received substantial interest in this opportunity from the lending community due to the property's high-quality construction, its prime location in the heart of Doral, the long-term tenancy of financially-sound tenants and the strong sponsorship of Hines,” says Cushman & Wakefield Managing Director Ehlinger.
Doral Corporate Center consists of Doral Corporate Center I, a seven-story, 141,000-square-foot building completed in 1985, and Doral Corporate Center II, a seven-story, 139,000-square-foot building completed in 1990. Hines acquired the property in 2006 and is currently working on plans for additional development on excess portions of the 13.6-acre site.
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