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$80M Deal Brings 75% Interest in Douglas Entrance

CORAL GABLES, FL-HCI Consult GmbH became a 75% joint venture partner in the 470,000-sf, class A office complex here. The first mortgage loan for the $80-million deal was through Bank of America.

By Melissa Bogdany | Updated on February 25, 2004

CORAL GABLES, FL-HCI Consult GmbH has become a 75% joint venture partner in Colonnade Properties LLC’s subsidiary that owns Douglas Entrance, a 470,000-sf, five-building, class A office complex in the city. Bank of America provided the first mortgage loan in the $80-million transaction. HCI is one of the biggest bank and institutionally independent syndicators in Hamburg, Germany.

Related to the transaction, Colonnade Properties and HCI agreed to apply this joint-venture structure when they acquire other class A properties in the US. “We are extremely pleased to establish this relationship with HCI as it provides us dedicated capital sufficient to purchase over $1 billion of stabilized office buildings within the next 18 months,” Joseph Sambuco, president and CEO of New York-based Colonnade Properties LLC, says in a statement.

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