Prudential Mortgage Capital Company (PMCC) has provided a $50 million acquisition loan on a 252,244 sq ft office complex in a Miami, Florida suburb.
The lender provided the seven-year, fixed-rate loan on the Aventura Corporate Center to an affiliate of Renaissance Properties, owned by investors Kenneth and Robert Fishel, according to the brokerage firm Dockerty Romer & Co (DRC), which helped arrange the deal.
The New York-based investors purchased the property from Groupe Pacific for $105.28 million, bringing the loan-to-value to 47.5 percent.
The buyer made the acquisition through a 1031 exchange, Robert Dockerty, managing director at DRC, told Real Estate Capital. Through this program, US Internal Revenue Code allows companies to defer capital gains taxes if one property is sold and another is acquired,
“They wanted to put a lot of cash down with a small mortgage,” Dockerty said.
The property at 20801, 20803 and 20807 Biscayne Boulevard, a main thoroughfare in Aventura, Florida, consists of two, five-story and one six-story Class A office buildings and three parking garages. Major tenants include Morgan Stanley, South Broward Hospital, Regus, and Serendipity Labs.
Also this week, PMCC provided a $62 million loan for the acquisition and renovation of Squire Village Apartments, a 379-unit affordable multifamily property in Manchester, Connecticut.