JLL arranges $300M construction loan for 830 Brickell in Miami
56-story marquis office tower in heart of Miami’s premier office market
MIAMI, August 8, 2019 – JLL announced today that it has arranged a $300 million construction loan for the development of 830 Brickell, a 1.03 million-square-foot, 56-story, Class A, marquis tower that includes nearly 615,000 square feet of rentable space in the heart of Brickell, Miami’s financial district and premier office market.
JLL worked on behalf of the developers, a joint venture between OKO Group and Cain International, to secure the four-year construction loan through MSD Partners.
The JLL Capital Markets team representing the borrower included Managing Director Scott Aiese, Senior Director Scott Wadler, Director Jesse Wright and Associate Alex Staikos.
“Miami is not only a globally important capital of commerce for international companies, it is also becoming increasingly attractive to domestic firms,” said Vladislav Doronin, Chairman and CEO of OKO Group. “The 830 Brickell tower will provide these businesses with access to the core of Miami’s financial district, as well as world-class architecture, design and advanced functionality that this gateway city and its workforce demands.”
“As Miami continues to expand as a global gateway for business, we are proud to be a part of its growth and diversification,” added Jonathan Goldstein, CEO of Cain International. “We hope that the addition of 830 Brickell will provide a solution for businesses to find a home with luxury modern amenities and conveniences in the heart of Miami’s business center."
830 Brickell is positioned to be the leading office tower in South Florida with world-class architecture and design. Anticipated for delivery in first quarter 2022, 830 Brickell is ideally positioned at 830 SE 1st Avenue in the epicenter of Brickell, directly adjacent to Brickell City Center, a $1.5 billion mixed-use development that anchors the neighborhood and provides an abundance of retail and food & beverage amenities within its 560,000 square feet of curated stores and restaurants. Brickell City Center has been a catalyst for the residential development in the surrounding area and today there are more than 4,400 luxury units within two blocks of 830 Brickell. Additionally, tenants at 830 Brickell can access a MetroMover station just steps from the property, providing connectivity through the central business district, and proximity to Interstate 95 allows those traveling by car to easily traverse the region.
“We’re excited to see this world-class office tower added to the epicenter of Brickell, which we believe will become the aspirational address for tenants in this gateway market,” Aiese said.
“OKO and Cain bring a new caliber of development to the Miami market with 830 Brickell’s design features and construction quality,” Wadler added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Deal secured by Holliday Fenoglio Fowler LP (“HFF”) prior to being acquired by JLL on July 1, 2019. Co-brokerage services provided by Jones Lang LaSalle Americas, Inc.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of over 91,000 as of March 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About OKO Group
OKO Group is an international real-estate development firm established by Chairman and CEO Vladislav Doronin. OKO Group builds on the formidable expertise of Mr. Doronin, one of the most successful and respected international developers, and his peerless track record in constructing more than 75 million square feet of world-class commercial, retail and luxury residential space over a total of 71 buildings as Founder of Capital Group.
OKO Group’s current U.S. portfolio of prime properties and development projects include two luxury residential developments in Miami, Missoni Baia in East Edgewater and Una Residences on the Brickell Waterfront, and, in New York City at the crossroads of 5th Avenue and 57th Street, the Crown Building, which will soon become Aman New York.
As owner and chairman of Aman, one of the most admired hospitality brands in the world, Mr. Doronin’s global business portfolio spans Europe, Asia and the U.S. More information about OKO Group is available at okogroup.com
About Cain International
Cain International is a diversified real estate company investing in both debt and equity opportunities in the U.K., U.S. and mainland Europe. Founded in 2014, the company has invested over $3 billion across a wide-ranging portfolio, including $2.3 billion of debt financing and $800 million of equity across 1.8 million square feet of office and retail space, 7,000 residential units and 7,000 hotel keys in the U.S., Europe and the Middle East.
About MSD Partners
MSD Partners, L.P. is an SEC-registered investment adviser that was formed in 2009 by the principals of MSD Capital, L.P. to enable a select group of investors to invest in strategies that were developed by MSD Capital (the private investment firm for Michael Dell and his family). MSD Partners utilizes a multi-disciplinary investment strategy focused on maximizing long-term capital appreciation by making investments across the globe in the equities of public and private companies, credit, real estate and other asset classes and securities. MSD Partners is headquartered in New York with additional offices in Santa Monica and West Palm Beach.