Westside Capital Group Secures $24.7M Loan To Recapitalize Coral Gables Boutique Office Building
The new loan replaces a $20 million loan provided by Amerant Bank in 2024.
The new loan replaces a $20 million loan provided by Amerant Bank in 2024.
8333 Downtown Doral’s leasing momentum features a mix of new tenants, renewals and expansions.
The asset, which consists entirely of two-bedroom/two-bathroom units that average 916 square feet, traded for $23 million, or $198,276 per unit.
Renewing the lease would have resulted in rent increasing by roughly three times the firm’s prior rate.
The project transformed Ryder System’s former office headquarters into a modern, LEED certified,
326,448-square-foot logistics complex now available for immediate occupancy.
The deals include a full-floor new-to-market tenant and multiple renewals.
The tenants will be relocating from other parts of the market, ranging in size from approximately 2,000 to over 6,400 square feet.
JLL Capital Markets’ Debt Advisory team representing the borrower was led by Managing Director Jesse Wright, Associate JJ Hovenden and Analyst Luke Maganas.
In addition to naming a new senior vice president of the firm’s tenant representation team, JLL has added three other hires to bolster its South Florida brokerage teams.
The exclusive leasing team for the project, JLL’s Sky Groden, SIOR; Ken Morris, SIOR; and Jeremy Cain, represented Bridge Industrial in the lease transaction. The tenant was represented by Rick Etner and Nicolas Reid of Cushman & Wakefield.
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