Coral Gables Office Building Secures $12.5M Refi Package

Cushman & Wakefield’s Florida Equity, Debt & Structured Finance (EDSF) team represented locally based Weda Developers Inc. in securing a $12.5 million refinancing package for 999 Ponce De Leon in Coral Gables.

Cushman & Wakefield’s Jason Hochman and Ron Granite represented the client in its transaction where they identified Lake Michigan Credit Union (“LMCU”) as the lender.

999 Ponce de Leon is an 11-story, 128,609-square-foot renovated office building located in the heart of Coral Gables, one of South Florida’s most prestigious and supply constrained office submarkets. The asset was 84.1% leased at the time it went to market to a diversified tenant mix reflective of Coral Gables’ affluent, professional demographics — including legal, financial services, healthcare and boutique professional firms. The building offers structured parking, an on-site café and conference center, EV charging stations and excellent visibility along the iconic Ponce de Leon Boulevard. Additionally, it is located near SW 8th Street, U.S. 1 and Le Jeune Road, offering seamless access to the Miracle Mile and Coral Gables’ dining options and retailers.

Weda Developers acquired 999 Ponce de Leon in 2005 and operated this building very successfully with meticulous detail. They instituted a spec suite program and upgraded every suite to a more modern appeal.  Additionally, they revamped corridors, installed LED lighting upgrades in common areas and refreshed building systems. These improvements have positioned the asset as a competitive option in a tightening market. A wave of investment and redevelopment surrounds 999 Ponce de Leon, including nearby assets such as The Plaza Coral Gables, Ryder Colony, Columbus Center, Alhambra Towers and 2525 Ponce. These projects are transforming the corridor into a vibrant live-work-play destination, attracting residents and employers alike.

“Weda Developers has been an extraordinary steward of 999 Ponce de Leon, a premier property in one of Miami’s most desirable office markets,” said Granite, Cushman & Wakefield Director. “It is challenging to finance office in the current environment, but the capital is available and competitive when the narrative is right. We were successfully able to identify a number of fixed-rate lenders that appreciated the positioning of 999 Ponce and ultimately selected LMCU as they offered the most competitive terms and structure.”