New York Life provides $31m loan on Miami office property

New York Life Real Estate Investors has provided a $31m loan to refinance Dadeland Centre I, a 130,000 sq ft office property in Miami, Florida.

The 10-year, fixed-rate loan to The Green Companies takes out a previous $23m securitized loan, part of JPMorgan Chase Commercial Mortgage Securities Trust 2011-C4.

The refinancing will facilitate a $500,000 renovation currently underway on the property’s interior.

The loan is one of a string that HFF has secured through New York Life Real Estate Investors, the real estate debt and equity investment arm of New York Life Insurance Company.

In March it was a $260m loan to refinance two office buildings at the heart of a 1.27m sq ft complex called The Water Garden in Santa Monica, California; and last month a $41m loan for the development of Windermere Cay, a multi-housing community in Winter Garden, Florida.

Completed in 2001, the property at 9155 South Dadeland Boulevard is 95 percent leased to tenants including Symantec, Ingham & Company and Eastman Chemical. It features hurricane-resistant glass and 400 covered parking spaces. It is adjacent to the Dadeland South Miami Metrorail Station, providing access to downtown Miami.

“Capital providers held a very positive view of this loan request, essentially for many of the same reasons tenants enjoy a presence at the property, including a highly desirable transit-oriented location, dedicated hands-on ownership/management, and high-level building quality,” said HFF senior managing director Paul Stasaitis, who led the financing on behalf of the borrower.