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$125M Finances Downtown Dadeland Construction

MIAMI-GMAC Commercial Mortgage Corp. and KeyBank Real Estate Capital both provided $62.5 million for the project, which will consist of 125,323 sf of retail and restaurant space, 416 residential condominiums and a 900-space parking garage.

By Melissa Bogdany | Updated on July 31, 2004

MIAMI-Two lenders–GMAC Commercial Mortgage Corp. and KeyBank Real Estate Capital–each provided $62.5 million for Downtown Dadeland, a mixed-use development rising in the city, for a total of $125 million in construction financing.

The borrower was Downtown Dadeland Residential Condominiums LLC, a joint venture between Gulfside Development Co. Inc. and the Canyon-Johnson Urban Fund LP. The fund is a joint venture between Canyon Capital Realty Advisors and former Los Angeles Lakers player Earvin Johnson’s Johnson Development Corp.

The project will consist of seven mid-rise buildings on 7.4 acres. Downtown Dadeland will feature 125,323 sf of ground-floor retail and restaurant space, 416 upper-floor residential condominiums and a two-level, 900-space parking garage. Plans also include a recreation facility for residents with a pool, an outdoor cabana area and an exercise center.

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