X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

(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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.