Dealmaker: CBRE Miami Arranges $61M for Brickell City Tower

CBRE’s south Florida capital markets team arranged $60.8 million to refinance Brickell City Tower, a 33-story, 288,000- square-foot office tower in Miami’s Brickell submarket.

CBRE Vice Chairman Christian Lee, Vice President Amy Julian and First Vice President José Lobón arranged the financing on behalf of Banyan Street Capital, Miami, Crocker Partners, Boca Raton, Fla., and Independencia Asset Management, Miami. A Square Mile Capital Management affiliate provided the floating-rate loan with a three-year term plus extension options.

Julian said Brickell City Tower is currently 82 percent leased to 35 tenants and the owners plan an extensive renovation including modernizing the elevators and expanding the lobby. “Ownership’s commitment to making Brickell City Tower best-in-class, as well as a location near the Metrorail station and immediately adjacent to Mary Brickell Village and Brickell City Centre will continue to attract new tenants to the building,” she said. “Square Mile’s ability to replace the current loan and offer additional funding for the ongoing improvements and lease-up costs with an attractive structure helped them win the deal.”

In addition to its proximity to the Brickell Metrorail Station, the property sits a few blocks from Interstate 95, “providing immunity from the traffic congestion on Brickell Avenue,” Julian said.