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Shorenstein Unit Closes $150-Mil Loan

MIAMI-The affiliate of San Francisco-based Shorenstein Co. refinances debt on the 55-story First Union Financial Center through Bayerische Landesbank Girozentrale.

By David R. Corder | Updated on July 12, 2001

MIAMI-SRI Miami Venture has completed a $150-million refinancing of the 55-story First Union Financial Center, the tallest building in Florida.

The affiliate of San Francisco-based Shorenstein Co. secured a nonrecourse mortgage loan through the New York branch of Bayerische Landesbank Girozentrale, a Germany-based bank that reported assets of about $246 billion in fiscal year 2000.

“This is just the owner refinancing the existing indebtedness with a new lender,” Francisco Menendez, a lawyer in the Miami offices of Stearns Weaver Miller Weissler Alhadeff & Sitterson, tells GlobeSt.com. “There was nothing unusual about it at all. It actually went very smoothly.”

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