Cain, OKO to Obtain $630M Refi for Miami Tower
The Brickell office building opened last year and is nearly fully occupied.
A joint venture between Cain International and OKO Group will secure a $630 million refinancing CMBS loan for 830 Brickell Plaza, a 650,148-square-foot office tower in Miami, according to a Fitch Ratings report. The credit rating agency derived an asset value of $519 million based on an 8 percent cap rate.
Goldman Sachs and JP Morgan will originate and sell the fixed-rate, interest-only, five-year note. Deutsche Bank is expected to serve as trustee, while KeyBank and LNR Partners are slated to take on the roles of servicer and special servicer, respectively.
The venture will use the loan to refinance $536.1 million in previous debt, which TYKO Capital issued in 2024. Cain and OKO will also set aside $90 million for maintenance, free and gap rent, as well as tenant improvements and leasing commissions. Lastly, the duo earmarked $3.9 million for closing costs.
The Class A, LEED Gold property came online just last year and has already reached an occupancy rate of 95.2 percent. The tenant roster comprises 15 companies including Citadel, Santander, Corient and Microsoft, among others. Notably, this tower marked the first Miami base of operations for nearly all tenants.
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Rising 57 stories, the building encompasses floorplates ranging between 13,364 and 16,878 square feet. Amenities consist of a rooftop restaurant and bar, as well as a sky lobby including a gym, among other features.
The tower is adjacent to the Brickell City Centre mall, which comprises 5 million square feet of retail—a portion that Simon Property acquired in June—and luxury residences. The neighborhood is popular with office developers as well. Last year, Sterling Bay and Key International teamed up to develop a 750,000-square-foot project at 858 Brickell.
Office lending reaches three-year record
Office lending has steadily improved, climbing 67 percent quarter-over-quarter, according to the latest MBA report. The volume was also up 176 percent during the first nine months of 2025, compared to the previous year. Notably, the third quarter registered the highest office loan issuance since 2022.
Meanwhile, Miami’s average office vacancy stood at 12.8 percent in September—down 210 basis points year-over-year—and below the 18.6 percent national figure, which also declined 80 basis points during that same period, according to the latest Yardi Matrix report.
Listing rates were also up, climbing 6.8 percent over the year to $56.45. Miami’s fundamentals led to other financing deals penciling out. In September, Goldman Sachs issued a $229 million loan backed by Monarch Alternative Capital’s 801 Brickell, a 415,150-square-foot office property, Yardi Matrix data shows.
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