CIM Group announced today that its CIM Real Estate Debt Solutions business, on behalf of a CIM-managed fund, closed a $154 million whole loan to refinance 2 and 3 MiamiCentral, two Class A office towers totaling approximately 339,000 square feet in Downtown Miami.
Completed in 2018, 2 and 3 MiamiCentral are modern Class A office properties featuring efficient floorplans and floor to ceiling windows. The 17 story 2 MiamiCentral comprises approximately 196,000 rentable square feet of office space and 5,000 square feet of amenities. The 12 story 3 MiamiCentral includes approximately 105,000 rentable square feet of office space, 33,000 square feet of retail, and 1,357 parking spaces.
MiamiCentral tenants benefit from amenities such as wellness and fitness facilities, an outdoor roof deck, private work lounges and conferencing space, concierge services, valet parking, and secure garage access.
Located at 700 NW MiamiCentral Avenue and 161 NW 6th St, 2 and 3 MiamiCentral are part of the MiamiCentral mixed use development in Downtown Miami, which includes a full service Publix supermarket, Starbucks, Chick fil A, an approximately 18,000 square foot food hall, and more than 800 luxury residential units. The properties are adjacent to MiamiCentral Station, a major regional transit hub with access to Brightline, Tri Rail, Metrorail, Metromover, and Metrobus services, and offer convenient connectivity to I 95 and I 395, as well as proximity to the Brickell Financial District, Miami Beach, Midtown, Wynwood, and the Design District.
The financing was arranged by Eastdil Secured.
The transaction reflects CIM Group’s continued focus on providing customized financing solutions for high quality office assets in major U.S. markets. Through its CIM Real Estate Debt Solutions business, CIM Group applies its broad experience as an owner, operator, and developer of high quality commercial real estate to its lending strategy. Through mortgage and mezzanine loans, affiliates and managed funds, CIM Group provides bridge and construction financing to owners and developers of commercial real estate in major markets across the United States and works with borrowers and other sponsor entities to offer an array of lending solutions.
To learn more about CIM Group’s credit strategies, visit www.cimgroup.com/borrow.
About CIM Group
CIM Group is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM’s diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. For more information, visit www.cimgroup.com.
