Square Mile Capital Management has originated a $60.8 million whole loan on the Brickell City Tower in the Brickell submarket of Miami, Florida, Real Estate Capital has learned.
The three-year loan with extension options was made to a joint venture that includes Banyan Street Capital, Crocker Partners, and Independencia Asset Management. It refinances existing debt on the property, provides capital to complete extensive lobby, elevator, and common area renovations, and funds leasing costs
“We have been an active lender in South Florida, and this transaction provides us the opportunity to establish a lending relationship with a market-leading operating partnership led by Banyan Street,” said Square Mile Vice President Eric Cohen.
“With all of the tremendous growth in the Brickell market and the property’s central location immediately adjacent to both Brickell City Centre and Mary Brickell Village, we feel that the asset is well-positioned for continued success.”
Square Mile has been bullish on Florida. In February the lender originated a $33.3 million floating-rate loan secured by the Cypress Financial Center in Fort Lauderdale, Florida, when Cohen noted that “we are actively looking to increase our presence in the Southeast, with a particular focus on South Florida.”
In April of 2015 the firm also originated a $26.5 million mezzanine loan secured by Hialeah Rail Yards, a 228-acre Rail Yard/Intermodal Center next to the Miami Airport and owned by a Fortress Investment affiliate
Based in New York, Square Mile’s opportunistic platform takes a value-oriented approach, with an emphasis on opportunities to invest in undervalued or under-capitalized assets.
Other recent deals include the origination of a $50 million mortgage in February to refinance the One Arlington property in Arlington Heights, Illinois, and a $34.7 million loan in December on the acquisition of 100 West Broadway in Long Beach, California.
In March of 2015 the lender placed a $24.5m mezzanine loan for the construction of a McSam Hotel Group hotel near the up-and-coming Hudson Yards development on Manhattan’s west side.