CMC Group Lands $70M Refi for Miami Office Building
CMC Group has obtained $69.9 million in refinancing for 4000 Ponce, a 190,000-square-foot office building in Coral Gables, Fla., a Miami submarket, according to REBusinessOnline.
City National Bank of Florida provided the floating-rate, five-year loan, while a JLL team arranged the deal on behalf of the borrower.
The note replaces a $74 million loan originated by Allianz Life Insurance Co. of North America in March 2014, according to Miami-Dade County public records.
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The company developed the Class A property in 2002. The nine-story building consists of 150,000 square feet of office space and 32,000 square feet of ground-floor retail, as well as The Collection, a luxury car dealership. The mid-rise features floorplates averaging 30,000 square feet, three passenger elevators and around 465 parking spaces.
Office tenants at the property include Steinway & Sons, Coldwell Banker, Hemisphere Media Group and Warner Brothers Entertainment, CommercialEdge data shows. The property was 90 percent leased at the time of the transaction.
The building is at 4000 Ponce de Leon Blvd., adjacent to the Shops at Merrick Park and about 5 miles from downtown Miami and Miami International Airport. Downtown Coral Gables is less than 2 miles away.
JLL Senior Managing Director Paul Stasaitis, Associate Paul Adams and Capital Markets Analyst Nicole Barba arranged the financing on behalf of CMC Group.
Miami’s strong office sector
Miami’s office sector remained strong, registering $318 million in transaction volume year-to-date as of May, according to a CommercialEdge office report. Properties traded for $339 per square foot on average, more than double the $165 national average.
The metro’s vacancy rate in May stood at 12.3 percent, one of the lowest nationally. Boston took the lead with only 10.8 percent of its office inventory vacant, while Detroit (20.8 percent) and the Bay Area (20.0 percent) were at the opposite pole.
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