Värde Partners Refinances Downtown Miami Office Building With $31M Loan
By Cathy Cunningham April 11, 2019 11:48 am
reprints
Brickman has landed $31 million in financing for its office property at 200 Southeast 1st Street in Downtown Miami, Commercial Observer has learned.
Värde Partners provided the debt in deal negotiated by NKF Capital Markets’ Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Josh Egert.
The New York-headquartered real estate investor and operator—led by Bruce Brickman—purchased the 12-story property in 2015 from Integra Investments for $33.85 million or $239 per square foot, The Real Deal reported. A substantial capital improvement plan was begun shortly thereafter, repositioning the 142,000-square-foot asset into a Class-A office building.
“Brickman established a foothold in this pocket of Downtown Miami,” Roeschlaub said. “They have a keen understanding of the type of office product the market commands. This financing is uniquely structured to accommodate their strategy while also providing flexibility.”
The property was built in 1958 and features street-level retail space—with tenants including The Spot Barbershop—and a diversified office tenant roster.
Brickman also owns the fee simple interest in the 25-story Courthouse Tower at 44 West Flagler Street in Downtown Miami. The office property is located across the street from the Miami-Dade County Courthouse.
Officials at Brickman and Värde Partners did not immediately respond to requests for comment.
