NY-Based Property Owner Secures $63M Acquisition Loan for Miami Ground Lease
Danielle Balbi Dec. 28, 2016, 4:55 p.m.
Pine River Capital Management originated $62.3 million in financing for Nightingale Properties’ purchase of the ground lease on Lincoln Place, an eight-story office building in Miami, Commercial Observer has learned.
Meridian Capital Group’s Ronnie Levine and Abe Hirsch arranged the acquisition loan from the Minnesota-based private lender. The debt carries a three-year term with two one-year extension options, and has a Libor-based floating rate with interest-only payments for the full term.
NGKF Capital Market’s Michael Lapointe, Michael Lohmann and Clay Sidner represented Nightingale in its $80 million buy of the ground lease from Atlanta-based real estate investment trust Cousin Properties, according to an NGKF release about the sale. CBRE’s Chris Lee negotiated the deal on behalf of the seller. Based on the purchase price, the mortgage from Pine River has a roughly 78 percent loan-to-cost ratio.
Starwood Property Trust subsidiary LNR Partners is the sole tenant at 1601 Washington Avenue on Miami Beach, and holds the master lease on the 140,000-square-foot building. The property contains 110,000 square feet of office space, 29,000 square feet of retail and a 534-car parking garage.
Nightingale, which is based in New York City, owns more than 11 million square feet of office and retail space across 22 states, according to its website.
Representatives for Pine River and Nightingale were not immediately available to respond to inquiries for comment.