The financing package includes $124.2 million in C-PACE capital from Nuveen Green Capital (NGC), marking the largest C-PACE-financed multifamily transaction in the state of Florida to date.
The transaction pencils out to approximately $266 per square foot.
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Jonathan De La Rosa and Eddie Toledo, investment specialists in Marcus & Millichap’s Miami office, represented the sellers in the transaction.
Cushman & Wakefield’s Scott O’Donnell, Deme Mekras, Miguel Alcivar, Greg Miller and Mike Ciadella represented iHeart in the transaction.
The 126,000-square-foot Class A+ waterfront office building is expected to be completed in early 2027.
Cushman & Wakefield’s Dominic Montazemi, Mike Davis, Rick Brugge, Rick Colon and Mike Ciadella represented the seller in the transaction.
The property, situated on 1.58 acres in Miami’s Airport East submarket, sold to a private real estate investor for $11,750,000, equating to $235 per square foot.
Construction on the project, located at 125 SW 8th St., will commence before year end.
The seller, which also occupied the property, is relocating its operations to the Doral Airport West submarket.