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Investors Bet on Historic Downtown Miami Condo

MIAMI—Capital Lofts, a 16-story loft-style condo project in Downtown Miami, has more than historic status on its side—it also has millions of dollars of recapitalization funds.

By Jennifer LeClaire | Updated on March 31, 2014

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.

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