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(Crystal Proenza is associate editor of Real Estate Florida.)

MIAMI-A partnership between New York City-based Guggenheim Real Estate LLC and Fort Lauderdale-based Stiles Corp. has secured a five-year, fixed-rate $47.5-million loan for its SunTrust International Center. The funding was provided by an unnamed life insurance company and will be used to replace a maturing loan, according to Holliday Fenoglio Fowler LP, which completed the transaction on behalf of the owners. Requests for additional information from HFF and Stiles were not answered late Monday.

The 420,080-square-foot SunTrust International Center is located at 1 SE Third Ave. in Downtown Miami. The 31-story tower, which opened in 1973 and was renovated in 2002, is 88% leased to tenants including Akerman, Senterfitt & Eidson, Bank of America, Rachlin, Cohen & Holtz, SunTrust Bank and Incisive Media. Amenities at the building include an on-site deli, full-service dry cleaning and a security card reader system for controlled access. A Walgreen’s pharmacy is also located in the building.

The partnership between Guggenheim and Stiles was formed in 2003 to purchase the Downtown Miami asset. Guggenheim is a real estate investment manager that provides investors with a portfolio including REITs, direct properties, mezzanine debt and private funds. Stiles is one of Florida’s largest full-service real estate development companies and has developed more than 27 million square feet of office, retail and industrial facilities.

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