Refinancing arranged for Class A Coral Gables office asset
JLL Capital Markets led the financing efforts for Columbus Center, the two-building property
MIAMI, December 14, 2020 – JLL Capital Markets announced today that it has arranged refinancing for Columbus Center, a two-building, Class A office property totaling 263,171 square feet in Coral Gables, Florida.
JLL worked on behalf of the borrower to place the four-year, floating-rate loan with Värde Partners. Loan proceeds will be used for capital improvements and to facilitate the lease-up of available space.
Located at 1 Alhambra Plaza in downtown Coral Gables, Columbus Center is located within one of South Florida’s premier office markets and within one of the most affluent zip codes in the country boasting an average household income of more than $150,000. Columbus Center benefits from its highly amenitized location, offering numerous restaurants, retail and corporate neighbors within walking distance.
Columbus Center was built in 1991 and consists of two towers connected at the base with ground floor retail. The 14-story East Tower has nine stories of office space above a structured parking garage and the 8-story West Tower contains three stories of office space over a structured parking garage. Overall, the property is 70% leased to a diverse roster of national and local tenants.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Paul Stasaitis and Wally Reid, Executive Managing Director Gerard Sansosti and Associate Reid Carleton.
“Columbus Center received significant lender interest, which demonstrates the high level of debt capital demand for quality office product,” Stasaitis said. “We are thrilled to have worked with an exceptional sponsor to secure capital that will allow them to execute their business plan.”
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 sales 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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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.