October 15, 2018
Berkadia arranged a $46.97 million loan for the acquisition of Downtown Dadeland, a seven-acre urban retail development in Miami. The property consists of 126,133 square feet of ground floor retail space, 97% occupied by a mix of national, regional and local tenants, along with 416 condo units and more than 500 parking spaces in seven buildings.
Berkadia’s Brad Williamson and Mitch Sinberg arranged the loan on behalf of Miami-based Midtown Capital Partners.
A life company originated an initial $44.57 million loan with a $2.4 million earnout. The 10-year loan was secured with five years’ interest only, and a competitive interest rate with no prepayment after seven years.
Built in 2008 and renovated in 2015, the property is located at 7270 North Kendall Dr. in the “Dadeland Golden Triangle,” a special zoning district established in 1999 to promote density at the convergence of road and transit infrastructure.
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