600 Brickell is finally going to be completed.
CGI Capital Holdings LLC, an investment banking firm based in Miami arranged a $130 million construction loan from Canyon Capital Realty Advisors for the project, which was delayed when the capital markets froze.
The loan will allow Brickell Holdings to complete the 40-story, 600,000sf class A office tower, and will also provide for tenant improvements and leasing commissions. Noël Steinfeld and Chris Dekker of CBRE will continue to handle the office leasing efforts, while Foram handles the retail leasing and on-site property management.
The developer of the project, Miami-based Foram Group, is starting leasing activities once again so that the initial occupancy can occur when the project is finished. The building is 80 percent completed with occupancy scheduled for this fall.
“This is an excellent commercial transaction at competitive rates,” says Foram Chairman and CEO Loretta Cockrum. “600 Brickell will be a landmark development and will be the most sustainable, efficient and tenant-friendly building in the Southeast. We expect to attract tenants who share these values.”
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