Cap-East Associates Gets $6M First Mortgage

MIAMI LAKES, FL-Cap-East Associates Ltd. has obtained nearly $5.8 million in financing for the Cap East Building, a 120,242-sf, new industrial property located here.State Farm Life Insurance Co. was the lender. The funding was from a construction loan to first mortgage financing. The property’s financing was based on a 10-year term with a 30-year amortization schedule. The total project cost for the building, completed about 12 months ago, was approximately $6.3 million, or a little more than $52 a sf.The building was about 80% occupied at the time of the transaction. Among the tenants there are General Wig, Amtext and GE Polymershapes.J. Jeffrey Robertson, senior vice president and managing director of the Miami regional office of NorthMarq Capital Inc., arranged the financing for Cap-East Associates.