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As South Florida’s commercial real estate market makes a strong comeback, Apollo Bank, one of the region’s strongest commercial banks, has closed on a loan on behalf of a private investment group from Latin America.
The loan transaction signals how commercial real estate lending is heating up in South Florida, as the local economy continues to strengthen and the region benefits from wealth and business migration.
“In this loan, we worked closely with our client to identify a creative solution in support of this significant commercial real estate acquisition,” said Ramon Rodriguez, president of Apollo Bank. “The buyer that we arranged acquisition financing for is marking its entrance into the Miami market with this investment. The deal points to the strong investor demand the region’s commercial real estate market is attracting, a trend we expect will continue over the months ahead.”
Apollo Bank provided $12 million in acquisition financing to the entity TRG-OMRC Ltd., a private real estate investment group from Mexico, for the purchase of The Related Group’s boutique office building, located at 315 S. Biscayne Blvd., that served as the development firm’s longtime headquarters. This deal marks the buyer’s first foray into Miami already owning substantial real estate investments in other parts of the U.S.
The five-story, 35,000-square-foot commercial building with 136 parking spaces faces the waterfront as is situated at the entrance to the Miami River. The building comprises two top floors of office space, one floor of restaurant space, one floor of enclosed parking and the ground level features the lobby and additional parking. Both the office and restaurant spaces are being actively marketed for leasing.
The property is in the heart of one of Miami’s most desirable commercial neighborhoods, with the mammoth Met Miami’s mixed-used development across from the property and next door to the rising luxury condo project Aston Martin Residences.
Apollo Bank continuously has achieved the strongest rating of five stars by Bauer Financial and has recently surpassed $900 million in total assets. Additionally, the bank is recognized nationally as one of the “Top Banks to Work For” by American Banker magazine and as one of the “Best Companies to Work for in Florida” by Florida Trend magazine and South Florida Business Journal. Apollo Bank has a network of five branches serving Miami-Dade’s chief business and residential communities.
For more information, visit www.apollobank.com or call 305-398-9000.
