Orion Lands $40M Refi for Miami-Dade Mall
By Cathy Cunningham August 1, 2024 1:12 pm
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Orion Real Estate Group has sealed a $40 million refinancing for Greenery Mall in Miami-Dade County, Commercial Observer can first report.
Ocean Bank provided the loan, while Baybridge Real Estate Capital’s Jay Miller, Spencer Miller, A.J. Felberbaum and Noah Rothman negotiated the debt.
The mall, at 7700 South Kendall Drive in Miami’s Kendall area, is also known as Dadeland Square and was acquired by Orion in September 2023 for $58 million, CO previously reported. Cofe Properties was the seller, and Orion assumed Cofe’s $42 million commercial mortgage-backed securities loan at the time of the purchase.
The 8.7-acre property comprises just under 130,000 square feet of retail space, plus an eight-story office building and 743 parking spaces.
Mall tenants include T.J. Maxx, HomeGoods, Starbucks and Guitar Center. Details on office tenants and occupancy couldn’t be gleaned, but sources said the 85,000-square-foot office building “consistently boasts high occupancy rates and outperforms local market competitors.” At the time of Orion’s purchase last year, the office component’s occupancy was roughly 89 percent.
The property’s location on Kendall Drive, roughly 13 miles southwest of Downtown Miami, means it’s easily accessible from major highways. As Miami’s growth continues to extend southward, the Dadeland area where the mall is situated is seeing increased demand.
Ocean Bank — Florida’s largest independent, state-chartered independent bank, according to its website — is an active lender in South Florida. Recent deals include an $80 million loan in June for Heafey Group’s Conrad Fort Lauderdale Beach property, The Real Deal reported.
Orion, founded by Joseph Sanz, has been in business for more than four decades. The firm has completed more than $8 billion in transactions over the years.
Officials at Orion didn’t return requests for comment. BayBridge declined to comment. Ocean officials couldn’t be reached.
