Barings Funnels $77M to Refi South Florida Office

Barings, the global investment division of MassMutual Insurance, has provided $77.2 million to refinance an office building in Hallandale Beach, Fla.

Called the Onyx Tower, the 795,976-square-foot building sits at 1010 South Federal Highway, between the Gulfstream Park Racing horse track and the Aventura Mall. Mexican developers Jose Bromberg and Ariel Bromberg completed the 28-story property two years ago. 

The loan, which has two consecutive 12-month extension options, is scheduled to mature in June 2028, according to mortgage documents. Newmark’s Jordan Roeschlaub, Jonathan Firestone, Nick Scribani and Chris Lozinak secured the debt.

In tandem with the financing, a $52 million deed tied to Onyx Tower was recorded to and from the Brombergs, suggesting the property underwent a recapitalization. The developers did not respond to requests for comment. Representatives for brokers and the lender also declined to comment on the deed.

Onyx Tower’s tenants include Crystal Cruises, which occupies 15,206 square feet, and coworking operator Industrious, which occupies about 30,000 square feet across two floors. Amenities include a rooftop pool, a fitness center and on-site dining options.

“We are pleased to provide this financing to support the lease up of Onyx Tower, which offers an innovative work environment in an attractive market with favorable supply/demand dynamics, Jonathan Neff, managing director at Barings, said in a statement. “We look forward to expanding our relationship with the sponsorship team, who brings a long-term perspective to the property.”

Julia Echikson can be reached at jechikson@commercialobserver.com.