{"id":1004172174,"date":"2017-04-10T03:36:39","date_gmt":"2017-04-10T11:36:39","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004172174"},"modified":"2022-12-09T00:46:05","modified_gmt":"2022-12-09T08:46:05","slug":"blackstone-grants-refi-for-iconic-florida-office-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/blackstone-grants-refi-for-iconic-florida-office-asset\/","title":{"rendered":"Blackstone Grants $100M Refi for Iconic Florida Office Asset"},"content":{"rendered":"

By Veronica Grecu<\/em><\/p>\n

\"Douglas<\/a>

Douglas Entrance<\/p><\/div>\n

CBRE recently announced that it has arranged a $100 million refinancing loan for Douglas Entrance, a five-building, Class A office property located in Coral Gables, Fla. The floating rate loan was provided by Blackstone Group and was secured shortly after the completion of a $7 million renovation project.<\/p>\n

\u201cBlackstone\u2019s desire to recommit new capital to the sponsor and the property is further evidence of Douglas Entrance\u2019s appeal and stature, serving as the entrance to Coral Gables,\u201d<\/em> said Amy Julian, vice president at CBRE, in prepared remarks. \u201cAdditionally, it demonstrates Miami\u2019s desirability and stability from a financing standpoint.\u201d<\/em><\/p>\n

Christian Lee, Amy Julian and Jos\u00e9 Lob\u00f3n of CBRE\u2019s South Florida Capital Markets team arranged the refinancing. CBRE also handles the office leasing at Douglas Entrance.<\/p>\n

The 462,888-square-foot office campus was built in mid-1980s and is owned by a joint venture between Miami-based Banyan Street Capital and Oaktree Management of Los Angeles. The investment team acquired the asset in April 2014 from Pearlmark Real Estate Partners for nearly $101 million.<\/p>\n

The 6.1-acre Douglas Entrance Office Park is one of the twelve properties within Coral Gables listed on the National Register of Historic Places. Situated at the intersection of SW 37th<\/sup> Ave., also known as Douglas Road, and SW 8th<\/sup> St., the office campus serves as an original gateway to Coral Gables and is a veritable city landmark. The property is LEED Silver certified and incorporates a grand fountain and central plaza featuring lush vegetation. Tenants such as Mastec, Perkins + Will and DLD lawyers enjoy a long list of top amenities including a new caf\u00e9, state-of-the-art fitness center, onsite property management team, 24\/7 security, valet parking, complimentary chauffer service, updated conference facilities, and a luxurious ballroom that can accommodate up to 500 guests.<\/p>\n","protected":false},"excerpt":{"rendered":"

Douglas Entrance is owned by a joint venture between Miami-based Banyan Street Capital and Oaktree Management of Los Angeles.<\/p>\n","protected":false},"author":258,"featured_media":1004172200,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1492,21742,21747],"tags":[32892,32789,34887],"class_list":["post-1004172174","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-miami","category-latest","category-office","tag-blackstone","tag-cbre","tag-douglas-entrance-office-park"],"acf":[],"yoast_head":"\nBlackstone Grants $100M Refi for Iconic Florida Office Asset - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-grants-refi-for-iconic-florida-office-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blackstone Grants $100M Refi for Iconic Florida Office Asset\" \/>\n<meta property=\"og:description\" content=\"Douglas Entrance is owned by a joint venture between Miami-based Banyan Street Capital and Oaktree Management of Los Angeles.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/blackstone-grants-refi-for-iconic-florida-office-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-04-10T11:36:39+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T08:46:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/04\/Douglas-Entrance.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Veronica Grecu\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@VeraGrecu\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-grants-refi-for-iconic-florida-office-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/blackstone-grants-refi-for-iconic-florida-office-asset\/\",\"name\":\"Blackstone Grants $100M Refi for Iconic Florida Office Asset - 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