Dealmaker: Madison Realty Capital Originates $102M in Miami

Madison Realty Capital, New York, originated two loans totaling $101.9 million in Miami for CGI Merchant Group, Miami.

The two loans included a $66.4 million loan for downtown Miami hotel The Gabriel Miami and a $35.5 million loan for 3480 Main, a Class A office building in Miami’s Coconut Grove neighborhood.

Surya Capital Partners, New York, brokered the transactions.

Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said Miami continues to experience increased demand from tourists as well as businesses moving to South Florida.

The Gabriel Miami at 1100 Biscayne Boulevard in Miami’s downtown business district is a 129-key boutique Curio Collection by Hilton hotel with 14,440 square feet of restaurant space. The hotel is part of the 64-story Marquis Miami building overlooking Biscayne Bay.

The other subject property, 3480 Main, delivered in 2020. The modern mixed-use office offers 44,685 rentable square feet of office space across five floors, 10,200 square feet of retail space, two high-end restaurants and an outdoor roof deck. The retail and rooftop spaces are fully leased to Lebanese restaurant Amal.