MIAMI—Square Mile Capital Management originated a $26.25 million mezzanine loan against Hialeah Rail Yards in Miami. Hialeah Rail Yards is a 228-acre rail yard and intermodal center next to the Miami International Airport.
Florida East Coast Industries, an affiliate of Fortress Investment Group, owns the Hialeah Rail Yard. It is subject to a 99-year lease to Florida East Coast Railway. The mezzanine loan is part of a $75 million financing on the property.
Square Mile's Jeffrey Fastov, senior principal in charge of the firm's debt investment platform, says economic conditions in South Florida are very strong overall, with the Hialeah Rail Yards providing an important link to the Miami seaport to support future shipping growth.
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