CBRE Capital Markets Secures $53.5 Million Refi For Doral Office Complex

CBRE Capital Markets’ Debt & Structured Finance team has arranged a $53.5 million loan for the refinancing of Doral Center on behalf of Banyan Street Capital and Independencia Asset Management.

The CBRE team was led by Amy Julian and Andrew Chilgren. The team secured the financing through Wells Fargo.

The financing follows a comprehensive $15.5 million capital investment program that transformed the property into a Class A office destination. Major upgrades to the asset include a newly constructed parking structure, full elevator modernization, updated building lobbies, refreshed common areas and facades and high-quality tenant improvements and move-in ready spec suites.

“The extensive capital improvements have completely transformed Doral Center into a premier workplace environment,” said Julian, Senior Vice President at CBRE. “This strategic repositioning, combined with South Florida’s robust economic fundamentals, has enhanced the property’s competitiveness and triggered an immediate surge in leasing activity.”

Doral Center is a 290,000-square-foot office complex located at the intersection of Doral Boulevard and NW 87th Avenue in Doral. The two-building property provides access to Miami International Airport, the Palmetto Expressway, Dolphin Expressway and Florida’s Turnpike, while also offering proximity to retail, dining and entertainment amenities. Banyan Street and Independencia acquired the property in 2021 at 30% and have leased the property to approximately 85%. Banyan is also currently marketing a build-to-suit opportunity of up to 60,000 square feet in the center of the park.

“With its central location and immediate highway access, Doral Center gives businesses an urban-style environment with walkable amenities in the heart of one of South Florida’s strongest office submarkets,” added Chilgren, First Vice President at CBRE.