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Ivy Secures $51M Loan for Big Miami Office Buy

MIAMI—“Given the quality of the portfolio and the strong reputation of the borrower, several lenders were excited about the opportunity.”

By Jennifer LeClaire | jenniferleclaire | | Updated on May 19, 2016
Waterford at Blue Lagoon Waterford at Blue Lagoon
MIAMI— Ivy Realty just secured a $50.5 million loan to purchase a five-building office portfolio in Miami’s Waterford at Blue Lagoon Business Park. CIBC World Markets provided the non-recourse loan. Cushman & Wakefield ‘s Equity, Debt & Structured Finance team of senior director Jason Hochman from the Miami office , along with senior managing director Michael Ryan and managing director Brian Linnihan from the Atlanta office , arranged the loan. The loan includes funds for Ivy’s capital improvement plans and future leasing costs to stabilize the buildings. “Ivy Realty engaged us to find moderate leverage with a low floating interest rate,” Hochman tells GlobeSt.com. “Given the quality of the portfolio and the strong reputation of the borrower, several lenders were excited about the opportunity. We ultimately helped Ivy choose CIBC, who provided strong terms, quickly approved the loan during a short due diligence period and efficiently closed the transaction.” CushWake also brokered the sale for a fund managed by DRA Advisors . The transaction was valued at $68.25 million, or $190.92 per square foot. The  office  buildings range in size from 60,338 square feet to 88,835 square feet, each with an attractive four-story, mid-rise profile. The  office  properties offer floor plates averaging 15,000 square feet for buildings 5757, 5775, and 5805, and 22,000 square feet for buildings 6101 and 616. The portfolio was 79% occupied at the time of sale with national and regional companies making up nearly 60% of the tenancy. Waterford at Blue Lagoon is a 250-acre master-planned, mixed-use, business park directly across the Dolphin Expressway from the Miami International Airport. The park includes 20  office  buildings and more than 2.8 million square feet of development, including four  hotels , numerous restaurants, banks, a Publix supermarket and a US Post Office branch.

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