CBRE Capital Markets’ Debt & Structured Finance team has arranged a $100 million loan for the refinance of the iconic Douglas Entrance, a five-building, Class A office campus totaling 462,888 square feet in Coral Gables, Florida.
Christian Lee, Amy Julian and José Lobón of CBRE’s Miami office arranged the refinancing on behalf of the borrower, an affiliate of Miami-based Banyan Street Capital, and funds and accounts managed by Los Angeles-based Oaktree Capital Management. Blackstone provided the floating rate loan.
“Ownership’s dedication to modernizing Douglas Entrance while maintaining its historic status will certainly contribute to the continued success of the project,” said Mr. Lee, vice chairman, CBRE.
Douglas Entrance recently concluded a transformative renovation, including upgrades to the lobbies, common areas, elevators, restrooms, parking garage, artwork and landscaping. Ownership placed considerable emphasis on renovating the historic “La Puerta del Sol” archway property by rebuilding state-of-the-art suites with fireplaces, balconies and restored original wood ceilings. A new café, restaurant/bar and conference center will further enhance the amenity offerings at the property.
“Blackstone’s desire to recommit new capital to the sponsor and the property is further evidence of Douglas Entrance’s appeal and stature, serving as the entrance to Coral Gables,” said Ms. Julian, vice president, CBRE.
Located at the intersection of SW 37th Avenue (Douglas Road) and SW 8th Street, Douglas Entrance is centered around a grand fountain and central plaza featuring lush vegetation. The property’s one-of-a-kind business environment and exceptional amenity base includes a new café, state-of-the-art fitness center, onsite property management team, 24-hour security, valet parking, updated conference facilities, and a luxurious ballroom able to accommodate up to 500 guests.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
