Hartford Investment Lends $118M on Miami Industrial Development
By Andrew Coen December 20, 2021 10:36 am
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Bridge Industrial has secured a $117.5 million debt package to refinance a Miami Gardens industrial park, Commercial Observer has learned.
Hartford Investment Management supplied the fixed-rate loan, which will retire existing floating-rate construction financing for the first phase of the developer’s Bridge Point Commerce Center project. Steve Roth of CBRE’s debt & structured finance team arranged the transaction.
Located at 4310 NW 215th Street and delivered last January, the first phase of the Bridge Point Commerce Center consists of three buildings totaling 1.1 million square feet. The buildings are 97 percent leased with CITY Furniture and HapCor as anchor tenants. Construction is underway on Phase II of the project, which encompasses two buildings totaling 1.5 million square feet and is scheduled for completion in early 2023.
“Modern, last-mile logistics centers like Bridge Point Commerce Center continue to outperform the market,” Kevin Carroll, partner of the southeast acoen@commercialobserver.com for Bridge Industrial, said in a statement. “We are pleased to have been able to take advantage of historically low interest rates and lock into an extremely attractive fixed rate.”
Representatives for Hartford Investment Management did not immediately respond to a request for comment.
Chicago-based Bridge Industrial has become one of South Florida’s most active industrial developers with 16 transactions totaling 500 acres throughout Miami Dade and Broward counties comprising roughly 7 million square feet, according to the company.
Andrew Coen can be reached at acoen@commercialobserver.com.
