Miami, FL - Bilzin Sumberg Baena Price & Axelrod LLP attorneys have secured $74 million in financing for 4000 Ponce/The Collection Building, a highly coveted mixed-use property situated in Coral Gables, FL.
Located immediately north of The Village of Merrick Park, one of South Florida's most prestigious shopping and dining destinations, the nearly 300,000 square foot property is currently 91 percent leased to a diverse tenant base. The property includes The Collection, one of the nation's premier automotive dealerships featuring the world's leading automobile brands such as Ferrari, Maserati, McLaren, Aston Martin, Jaguar, Porsche and Audi.
The Bilzin Sumberg team representing the borrower was led by Real Estate Practice Group Leader James W. Shindell, Real Estate Partner Suzanne M. Amaducci and Real Estate Associate Alexandra Lehson. The multidisciplinary team assisted with negotiating and structuring the terms of the financing, which was placed with a European-based insurance company. The 10-year, fixed-rate loan will be used to repay an existing loan on the property.
"This unique asset combines a Class A office building with one of the most successful luxury automobile dealerships in the country," said Jim Shindell. "The very structure that makes the property so successful presents a number of challenges in documenting a loan in a world where lenders are accustomed to single purpose borrowers."
Assisting the borrower in obtaining the loan were the HFF Real Estate Capital Markets team, comprised of managing director Paul Stasaitis, managing director Jim Dockerty and real estate analyst Jose Carranza.
About Bilzin Sumberg
Bilzin Sumberg Baena Price & Axelrod LLP is a commercial law firm with extensive experience in the areas of Corporate & Tax, Government Relations & Land Development, International, Litigation, Real Estate and Restructuring & Bankruptcy. For more information, please visit bilzin.com.