Berkadia announces it has secured financing for the acquisition of 2000 Ponce, an eight-story, 104,356-square-feet office asset in the heart of downtown Coral Gables, Fla. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Senior Analyst Robert Iudice of Berkadia Miami secured financing on behalf of buyer Westside Capital Group, a real estate investment holding firm based in Miami, Fla. Westside intends to relocate its headquarters from Brickell to this property.
The property was acquired in a special situation, off-market sale from a long term private family owner. Westside plans on completely renovating the property exterior; upgrading, and extending the lobby, and leasing up the currently available retail ground floor space to one or two restaurant concepts while upgrading and repositioning the office space in the upper floors of the building.
Valley National Bank provided a five-year bridge loan and 24-months of interest only, at a 74 percent loan-to-cost ratio.
“The borrower, an astute multifamily investor and developer, recognized the value in having a Coral Gables landmark for a corporate headquarters,” said Foschini. “While office financing today is not for the squeamish, the lender recognized both the strength of the location and the borrower’s business plan and provided exceptional terms.”
Located at 2000 Ponce de Leon Boulevard, 2000 Ponce is a Class A building built in 2001 on a 0.45-acre lot composed of 104,356 square feet of BOMA gross leasable area and 46,320 square feet BOMA leasable area. It has 104 parking spaces in a four-story structured parking garage. It is conveniently located in Coral Gables CBD, one of the Miami office submarkets, within immediate walking distance to Giralda Avenue and Miracle Mile providing for over a hundred restaurants, shops, and other county’s major employers including Bayview Asset Management, Baptist Health, American Airlines, University of Miami, Bacardi, HBO Latin America, BBC, Kraft, etc. as well as cultural destinations including Coral Gables Art Cinema and the Miracle Theater. It is just less than 10 minutes from Miami International Airport and Coconut Grove, and less than 20 minutes from Brickell and Wynwood.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
