Mercantil Commercebank Lends $31M for Florida Office Plaza
Damian Ghigliotty June 2, 2015, 3:52 p.m.
Mercantil Commercebank provided $31 million in debt to Mexican developer Inmobiliaria Brom to finance Aventura Optima Plaza, a two-building office property in Aventura, Fla., Commercial Observer has learned.
HFF arranged the 10-year fixed-rate loan, which closed last week, according to the national brokerage. Proceeds from the debt will return a portion of the borrower’s equity used in the all-cash construction of the asset, and fund future tenant improvements and leasing commissions.
The 113,042-square-foot office plaza located at 21500 Biscayne Boulevard was completed in 2013. The LEED Platinum-certified property contains a nine-story traditional office building and a four-story medical building wired for advanced medical technology. A roofed parking garage connects the two buildings.
The Class-A office plaza features in-suite balconies, a fitness center and a 20,000-square-foot “green roof” with an outdoor jogging trail. Office tenants at the property include Adler Kawa Real Estate Advisors, the immigration and criminal law firm Morales Law Group and the healthcare-consulting firm The Bloom Organization.
Brian Barroso, vice president of real estate lending for Mercantil Commercebank—one of Florida’s largest banks with $8.1 billion in assets—originated the financing.
“We always strive to offer an exceptional product to meet our clients’ needs, and are pleased to have been able to work with HFF in providing this financing to Inmobiliaria Brom,” Mr. Barroso told CO.
HFF Managing Director Jim Dockerty, Associate Director Scott Wadler and Analyst Marc Roth led the debt placement team representing the borrower.
“Aventura Optima Plaza’s success is due to Ariel Bromberg’s masterful combination of the aesthetic and efficient design of the buildings along with their focused hands-on management,” Mr. Dockerty said. “The property is one of the finest office addresses in South Florida and is one of only two LEED Platinum buildings in the state of Florida.”