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$18M Refi for Brickell Avenue Office Building

MIAMI-Whalen Realty Capital LLC arranged the transaction for the owner of Banco Santander Center through lender Aegon Realty Advisors. Meanwhile, the 189,000-sf, class B building, in the Brickell Avenue submarket, is being marketed for sale.

By Melissa Bogdany | Updated on November 10, 2003

MIAMI-Blumberg/Brickell Ltd. has obtained $18.1 million in refinancing for Banco Santander Center, a 189,000-sf office building in the city’s sought-after Brickell Avenue submarket. Meanwhile, the building is being marketed for sale.

Aegon Realty Advisors, a US commercial real estate lender, provided the fixed-rate financing. Paul Whalen and Joshua Schrager of Whalen Realty Capital LLC in Hollywood, FL, arranged the transaction for Blumberg/Brickell Ltd., which is owned by American Ventures Realty Corp. The 14-story building was more than 97% leased at the time the funding was obtained.

“The combination of outstanding sponsorship, low leverage and future appreciation of this asset due to the improving location and below-market rents made this loan a great addition to Aegon’s loan portfolio,” Schrager says in a statement.

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