MIAMI—Banyan Street Capital and Oaktree Management grabbed Douglas Entrance Office Park last month. Now, the partnership has secured an $86.5 million acquisition loan for the iconic Coral Gables, FL office complex.
CBRE's Debt & Structured Finance has secured the bridge loan for Banyan and Oaktree. Blackstone of New York originated the three-year, interest-only loan, at 75% loan-to-cost, which is floating over Libor.
“The selection of Blackstone as a lender was an excellent choice,” says CBRE vice chairman Charles Foschini, who lead the deal in collaboration with vice chairman Christian Lee of CBRE's Capital Markets Institutional Properties and first vice president Christopher Apone of CBRE's Debt & Structured Finance. “The borrower won this sale by closing all cash on a line of credit.”
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