Miami Beach, Florida – The Commercial Loans news is getting better especially with CTL Financing and Commercial Loans of Office Buildings. Commercial Mortgage Lenders have recently funded capital for a $60 million Commercial Mortgage. This Commercial loan was on a trophy property in Miami, Florida. This Miami Commercial Loan collateral was recently purchased.
I&G Miami, Inc. is an affiliate of Jones Lang LaSalle bought this Commercial Property a few months ago. The Commercial Loan collateral sold for $105.5 million. This sales price was a 25% increase over its last sale in the year of 2003. The Commercial Loan collateral is known as the Miami Tower. This Commercial Property rests on top of a City of Miami-owned parking garage. This Commercial Loan collateral was well known from its cameo role in the credits of the great ’80s TV show “Miami Vice.” The Miami Vice days gave a boast to this area and now this Commercial Property sale shows that premium NNN Commercial Real Estate in South Florida is still highly desired.
The affiliate of Jones Lang LaSalle had paid half in cash for the Commercial Property and had dove into a line of credit for the remaining purchase price. The Investment Property acquisition goal was to secure long-term commercial financing in a short time after the purchase. The senior VP of Jones Lang LaSalle had mentioned this NNN commercial real estate investment strategy so they could prepare for the new Commercial Loan.
Commercial Mortgage Lenders were able to satisfy Jones Lang LaSalle with a Non-Recourse Loan. This type of commercial financing with a Non Recourse Loan makes commercial property investors extremely happy. We are unaware of the exact commercial loan interest rate at this time. The Miami Commercial Loan collateral has a superb location which provides tenants with quick ingress and egress from I-95 in the Downtown Miami area. The Miami Commercial Loan collateral is close to a various collection of hotels, eateries, and business services.
This Commercial Loan collateral was originally called the Centrust Tower as it was built for CenTrust Savings & Loan. The NNN Commercial Real Estate development was constructed in 1987, and has grown to become one of the world’s most recognized office buildings. This Commercial Loan collateral has a very unique feature of a changing palette of exterior lighting schemes. The Commercial Loan collateral has 47-stories and is the eighth tallest Office Building Property currently in Miami. It is also one of the tallest Net Lease Properties in the sunny state of Florida. The Commercial Loan collateral really stands out with its elaborate night-time lighting schemes and dramatic three-glass tiers.
The Commercial Loan collateral is about 81% occupied and is home to tenants including law firm Carlton Fields, UBS Financial Services and the law firm Boies Schiller & Flexner. The Miami Commercial Property also has net leased Tenants Vector Group and law firm Buchanan Ingersoll & Rooney to help pay down the Commercial Loan. As if this Commercial Loan collateral needs additional amenities, it has more than 20,000 square feet of street-level retail space being leased. There is also plenty of foot traffic around this area of Miami which is important for triple net lease properties to help pay down their Commercial Loans.
We specialize in:
- Commercial Loans for Multifamily Apartment Buildings
- Commercial Loans for NNN Commercial Real Estate (CTL Financing)
- Commercial Loans for Office Buildings, Office Parks
- Commercial Loans for 1031 Exchange financing
If you are seeking to buy investment property, especially in the areas listed below, then fill out our easy Commercial Loan Form
