Florida East Coast Realty Refis Miami Panorama Tower With $420M Loan
By Andrew Coen February 16, 2024 10:49 am
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Florida East Coast Realty has secured a $419.6 million financing package to refinance an 85-story mixed-use residential, hotel and office building in Miami’s Brickell neighborhood.
Greystone Commercial Capital (GCC) supplied the loan on the developer’s Panorama Tower property, the lender announced Friday. The debt package involves a five-year, $334.6 million Freddie Mac-backed senior loan with a 35-year amortization by Greystone Servicing Company. The deal also includes $85 million of agency-backed subordinated debt and an investment in tandem with CPP Investments and Harbor Group International, according to Greystone.
Cooper Horowitz‘s Bruce Marcus arranged the transaction.
The Real Deal first reported the transaction Thursday.
The Hollo family’s Florida East Coast Realty completed the tower in 2018. Located at 1100 Brickell Bay Drive, Panorama Tower features 821 apartments along with an attached 19-story, 208-room Hyatt Centric Hotel. The property, which is considered the tallest residential tower on the East Coast south of New York, also consists of 112,731 square feet of office space, 25,219 square feet of retail and a 2,000-space parking garage, according to the release.
Florida East Coast Realty, led by founder Tibor Hollo and his sons, Wayne and Jerome Hollo, have been active developers and owners in Florida for over 60 years. Officials at the company did not immediately return a request for comment.
“We are grateful to partner with top financial institutions and Florida East Coast Realty on such a noteworthy project in Panorama Tower,” Scott Chisholm, president and chief investment officer at GCC, said in a statement.
Andrew Coen can be reached at acoen@commercialobserver.com
