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Gables Square Receives $7.7M Refinancing

MIAMI-Transamerica Life Insurance Co. of New York is providing the 20-year, fixed-rate loan at 7%. Transamerica is a wholly owned subsidiary of AEGON NV, based in The Hague, The Netherlands.

By Aurin Squire | Updated on August 06, 2002

MIAMI -Gables Square is getting refinancing from Transamerica Life Insurance Co. of New York for a 20-year fixed rate, $7.7 million loan at 7%.

Gables Square, 75 Valencia Ave., Coral Gables, FL, is near the Miami suburb’s Miracle Mile retail corridor. The 12-story office building was built in 1987 and has leased 87% of its 82,548 sf.

Club Med’s North American headquarters takes up 38% of leased space at Gables Square. The Coral Gables area averaged $31.47 per sf in the second quarter of 2002, according to Cushman & Wakefield of Florida Inc. most recent statistics.

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