MIAMI—Capital Lofts, a 16-story loft-style condo project in Downtown Miami, has more than historic status on its side—it also has a $6 million influx of money. The landmark property at 117 N.E. 1st Avenue just secured a recapitalization loan.

CBRE arranged the loan for Coast Capital Partners. Coast plans buy out an investment partner and complete the sell off of the 46 remaining units in the project. Doral Bank of New York provided the two-year, floating rate, interest-only loan, at a 65% loan-to-value ratio.

"The Capital Lofts transaction represents a unique re-capitalization of a historic building in downtown Miami,” says CBRE first vice president Christopher Apone. “Coast Capital Partners was able to capitalize on the unique non-recourse structure that Doral Bank offers for condo inventory loans in order to carry out a partnership buyout and execute their business plan of selling off the remaining 46 units of the property to condo buyers."