CMC Group Refis Coral Gables Mixed-Use Building With $70M
By Julia Echikson July 9, 2024 3:04 pm
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Ugo Colombo’s CMC Group scored $69.9 million to refinance a mixed-use building near The Shops at Merrick Park in Coral Gables, Fla., the Miami-based developer announced.
The five-year, floating-rate senior loan from City National Bank of Florida covers 4000 Ponce, a nine-story property at 4000 Ponce de Leon Boulevard that CMC Group completed in 2002.
The 564,602-square-foot building — spanning a full city block at the corner of Bird Road and Ponce de Leon, north of the Simon Properties-owned luxury mall — features 150,000 square feet of Class A office space and 32,000 square feet of ground-floor retail space.
About 90 percent leased, 4000 Ponce has retail tenants that include luxury car dealer The Collection, piano store Steinway & Sons, residential brokerage Coldwell Banker, and boutique fitness studios Pure Barre and Jetset Pilates. Office tenants include financial planner Evensky & Katz, management consultant Korn Ferry and Spanish-language media company Hemisphere Media Group.
“Our decision to finance the asset aligned closely with our dual focus on relationship banking and providing capital to clients that are fueling Florida’s real estate market, which is among the nation’s strongest,” Gary Fitzgerald, executive vice president and real estate banking executive at City National Bank of Florida, said in a statement.
JLL’s Paul Stasaitis, Paul Adams and Nicole Barba as well as Jim Shindell and Hannah Lidicker of Bilzin Sumberg represented CMC Group.
In nearby Coconut Grove, CMC Group is building the 65-unit luxury condo Vita at Grove Isle after securing $239 million in January.
Julia Echikson can be reached at jechikson@commercialobserver.com.
