Westside Capital Refinances Miami Office Building

Westside Capital Group has secured $24.7 million in financing for 2000 Ponce, a 110,000-square-foot office building in Coral Gables, Fla. Crestline Investors issued the five-year loan in a transaction arranged by JLL Capital Markets. The property was fully leased at the time of closing.

The new note replaces previous financing in the amount of $20 million. Amerant Bank had provided that loan in 2024.

Completed in 2001, the building rises eight stories at 2000 Ponce de Leon Blvd. Downtown Miami is 5 miles northeast, while Miami International Airport is 4 miles northwest.

An upgraded office property near Miami

Westside Capital purchased the mid-rise in 2022 for $14.1 million, Yardi Matrix data shows. Since then, the owner has completed several renovations and cosmetic upgrades at the property. They include the modernization of the lobby and the addition of amenities, to name a few.

The building includes nearly 50,000 square feet of leasable office space and ground-floor retail, as well as a 105-space parking garage. Its tenant roster comprises Westside Capital Group, Hejl Foundation, Bachour Marketplace, D’Cassa and Zativa Life Health and Wellness Spa, among others.

JLL Senior Directors Jesse Wright and Matt McCormack, Director Joshua Odessky and Analyst Patrick Salata led the capital markets team that arranged the financing deal.

Preserving property values will be one of the top priorities for owners this year, office real estate trends suggest. Aging buildings will require major capital expenditures, as well as significant upgrades, to stand out in the ongoing race for quality.