The buyer plans to develop the recently acquired site into a residential community featuring 78 or more affordable housing units, taking advantage of development opportunities available under Florida’s Live Local Act.
The 5.2 billion dollar transaction, completed November 2, includes net debt and preferred equity and encompasses 107 industrial properties totaling approximately 52 million square feet across the Sunbelt and Midwest.
The hotel reportedly traded for approximately $300 million.
With this acquisition, the City now controls the entire block, giving it the flexibility to plan for future growth and to maximize the site’s utility for Coral Gables residents.
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Following a multimillion-dollar enhancement, the property is being reintroduced to the market.
The financing represents the largest construction loan reported in Florida history.
Colliers’ Tom Farmer, Stephen Rutchik, and Ana Paula represented ownership in the lease negotiations. Tony Jones with Cushman & Wakefield represented the tenant.
Vision Real Estate Advisors represented both the seller and the buyer in the transaction.
A two-tower luxury condominium development in Sunny Isles Beach has secured a substantial new financing package, providing fresh capital as construction progresses. The transaction follows significant presales and earlier financing commitments.