MIAMI—Dadeland Centre I, a 130,000-square-foot class A office asset in Miami, just scored a $31 million refi. A $500,000 renovation to the property's interior is currently underway.
HFF arranged the 10-year, fixed-rate loan for the borrower, Green Companies. HFF senior managing director Paul Stasaitis and associate director Jose Carrazana, with additional support from real estate analysts Maxx Carney and Cecily Nazario, led the charge.
“Capital providers held a very positive view of this loan request, essentially for many of the same reasons tenants enjoy a presence at the property, including a highly desirable transit-oriented location, dedicated hands-on ownership-management, and high-level building quality,” says Stasaitis. New York Life Real Estate Investors supplied the funds.
Dadeland Centre is located at 9155 South Dadeland Boulevard next to the Dadeland South Miami Metrorail Station providing access to Downtown Miami and as far north as Palmetto. The property is highly visible from the Palmetto Expressway, and is close to US 1, the Dadeland Mall, Baptist Health Cancer Facility, Miami International Airport, and Coral Gables.
Completed in 2001, Dadeland Center I is 95% leased to tenants including Symantec, Ingham & Company, and Eastman Chemical. The office building features hurricane resistant glass, nine-foot ceilings, 400 covered parking spaces, and skyline and water views. Dadeland Centre II secured a $23 million refi in 2011.
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