CGI Merchant Refinances Four South Florida Properties
Starwood Mortgage Capital, LLC of Miami originated $40.75 million for the 55 Miracle Mile mixed-use building in Coral Gables and The Nexus property portfolio.
MIAMI—Locally-based CGI Merchant Group, LLC has secured more than $40 million in funding to refinance a Coral Gables office/retail building and three office suite properties in Palm Beach and Martin counties.
Starwood Mortgage Capital, LLC of Miami originated $40.75 million for the 55 Miracle Mile mixed-use building in Coral Gables and The Nexus property portfolio that includes three office buildings that feature approximately 400 office suites located in Lake Worth, West Palm Beach and Stuart, FL.
CGI acquired the ’55 Miracle Mile’ in 2013 for $26.75 million and ‘The Nexus’ properties in a separate transaction also in 2013.
The 55 Miracle Mile complex was built in 2004 by Starwood Mortgage Capital and originally included 184 residential condominium units that were sold at that time, according to a Marcus & Millichap press announcement in October 2013. Marcus & Millichap represented the seller CF Miracle Mile LLC in the sale of the office/retail and parking component of the 55 Miracle Mile property to CGI.
“We are very pleased to have successfully executed this refinancing, which reflects the confidence in CGI’s portfolio properties and the vibrancy of the South Florida market,” says Raoul Thomas, founder and CEO of CGI. “The refinancing is part of our long-term strategy to offer value to our partners and to ensure CGI remains positioned for continued growth.”
According to Starwood Mortgage Capital’s website, the firm provided a $25-million loan to refinance 55 Miracle Mile, a four-story, 65,242-square-foot Class A office/retail property located approximately four miles southwest of the Miami central business district. The property was at closing 96% leased to 19 tenants.
Starwood Mortgage also reports on its website that it provided a $15.75-million mortgage loan to refinance The Nexus portfolio, three Class B+ suburban office buildings totaling 128,563 square feet. The Nexus portfolio operates as executive suites, which were 93% leased to more than 350 tenants at the time of closing.