{"id":1004307761,"date":"2019-03-12T05:08:57","date_gmt":"2019-03-12T13:08:57","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004307761"},"modified":"2019-03-12T05:08:57","modified_gmt":"2019-03-12T13:08:57","slug":"aztec-group-arranges-19m-for-miramar-office-acquisition","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aztec-group-arranges-19m-for-miramar-office-acquisition\/","title":{"rendered":"Aztec Group Arranges $19M for Miramar Office Acquisition"},"content":{"rendered":"<div id=\"attachment_1004307860\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004307860\" data-attachment-id=\"1004307860\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/aztec-group-arranges-19m-for-miramar-office-acquisition\/miramar-financial-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg\" data-orig-size=\"1161,900\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Miramar Financial Center\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Miramar Financial Center&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg?w=1024\" class=\"wp-image-1004307860 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg 1161w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg?resize=768,595 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/03\/Miramar-Financial-Center..jpg?resize=1024,794 1024w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004307860\" class=\"wp-caption-text\">Miramar Financial Center<\/p><\/div>\n<p>Aztec Group has arranged $18.7 million in financing for the acquisition of Miramar Financial Center, a 131,644-square-foot, Class A office building in Miramar, Fla. A local partnership purchased the property for $18.3 million from Space Coast Credit Union, according to Yardi Matrix data.<\/p>\n<p>Synovus Bank provided the five-year, fixed-rate mortgage. The new ownership intends to use the&nbsp;loan to implement a repositioning and rebranding program, which is set to include interior and exterior upgrades. Additionally, the financing will fund tenant improvements and leasing commissions.<\/p>\n<p>Located at 3700 Lakeside Drive, Miramar Financial Center was completed in 1996 on a 12-acre site. The six-story property features 21,000-square-foot floorplates, a parking ratio of 5.4 spaces per 1,000 square feet and lake views. The building is leased to Brown Mackie College, U.S. Gas &amp; Electric and Inktel, Yardi Matrix shows.<\/p>\n<p>Aztec Group Managing Director Peter Mekras arranged the financing. The company carried out an expedited and <a href=\"https:\/\/www.commercialsearch.com\/news\/why-steady-interest-rates-wont-save-the-day\/\">thorough banking process<\/a>.<\/p>\n<p><em>\u201cMiramar Financial Center is a trophy office asset in a strong market, but with 50 percent occupancy it was critical to structure and size the loan to accommodate the business plan,\u201d <\/em>Mekras said in prepared remarks.<\/p>\n<p><em>Image courtesy of Aztec Group<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Synovus Bank originated the five-year, fixed-rate loan on behalf of the new ownership, which plans to launch a rebranding and repositioning program at Miramar Financial Center.<\/p>\n","protected":false},"author":240,"featured_media":1004307860,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21783,1492,21742,21747],"tags":[34272,36351,44630,38911],"class_list":["post-1004307761","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-investment","category-miami","category-latest","category-office","tag-aztec-group-inc","tag-capital-improvement","tag-peter-mekras","tag-synovus-bank"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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