August 26, 2016
Capital One has provided a $74 million adjustable-rate loan to partners PGIM Real Estate (formerly Prudential Real Estate Investors) and the Related Group of Florida. The loan will be used to retire existing construction debt of the 398-unit Manor CityPlace Doral, at 3450 NW 85th St. in Doral, FL.
“The teamwork between Capital One’s balance sheet and agency lending groups was instrumental in structuring this transaction with PGIM Real Estate . . .,” said Joshua Howes with Capital One’s Commercial Real Estate Group, who led the transaction. “CityPlace Doral is located in close proximity to Miami International Airport, Downtown Miami and major expressways, and we’re excited about its potential.”
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