The CBRE South Florida Capital Markets Team arranged a $60.8 million loan to refinance Brickell City Tower, a 33-story, 288,314 square-foot office tower located at the epicenter of the Brickell submarket in Miami, Florida.
Christian Lee, Amy Julian and José Lobón of CBRE’s Miami, Florida office arranged the refinancing on behalf of Banyan Street Capital, Crocker Partners and Independencia Asset Management. An affiliate of Square Mile Capital Management provided the floating rate loan with a term of three years plus extension options.
“We were really pleased with the execution. We feel like Square Mile really committed to making the deal happen and to building a relationship with the great Sponsorship,” said Christian Lee, Vice Chairman with CBRE.
“Brickell City Tower is in the midst of an extensive renovation plan that includes an elevator modernization, common area upgrades and an impressive expansion and renovation of the building’s lobby,” added s CBRE Vice President Amy Julian. “Ownership’s commitment to making Brickell City Tower best-in-class, as well as a location near the Metrorail station and immediately adjacent to Mary Brickell Village and Brickell City Centre, will continue to attract new tenants to the building. Square Mile’s ability to replace the current loan and offer additional funding for the ongoing improvements and lease-up costs with an attractive structure helped them win the deal.”
Brickell City Tower’s distinctive architectural design with a striking reflective blue-glass façade allows for its prominent visibility throughout Brickell and Downtown Miami. In addition to its access to Mary Brickell Village, the Brickell Metrorail Station and Brickell City Centre, the Property is just blocks from Interstate-95, providing immunity from the traffic congestion on Brickell Avenue. The Property is currently 82% leased to 35 tenants.