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Berkadia Arranges $46.5MM Refinancing for Causeway Square in North Miami
Taubco refinanced the 168,956-square-foot Class A mixed-use commercial property
MIAMI (October 24, 2018) – Berkadia announces it has secured financing for the recapitalization of Causeway Square, a 168,956-square-foot, Class A mixed-use development located in North Miami, Fla. Located at the desirable intersection of Biscayne Boulevard and NE 123rd Street, Causeway Square is home to a diverse mix of retail, office and service tenants, including LA Fitness, a free-standing TotalBank and Vitamin Shoppe, over 80,000 square feet of Class A office space, and a four-level parking garage. The property is currently 96 percent occupied.
Senior Managing Director Charles Foschini, Managing Director Chris Apone and Analyst Robert Iudice of Berkadia’s South Florida office arranged the debt on behalf of Taubco, a vertically integrated real estate company based in South Florida.
The 10-year loan was provided by 3650 REIT, a national CRE lending, investment and services firm.
“This was a phenomenal asset in both use and location, but that belied the challenges of closing the loan,” explained Foschini. “In order to arrive at the value needed to refinance the existing mortgage, a lender and their appraiser needed to understand and agree that Causeway Square is a composition of multiple assets, each with its own value and cap rate, located on one of the most coveted commercial corners in Miami-Dade County. It includes a Class A cffice asset with structured parking, a stand-alone LA Fitness, a neighborhood retail center, and several credit outparcels each with its own value. In the end, we identified a privately funded REIT lender who took the time to understand the asset’s many complexities and close a loan at an aggressive rate and terms.”
Built in 2009 and 2010, Causeway Square is the premier commercial venue for South Florida’s business owners, with impressive amenities, a vibrant retail component and a prime location close to high-end waterfront residential neighborhoods. It is located approximately 10 miles north of Downtown Miami, at a high traffic intersection (75,506 vehicles per day) that connects North Miami to the neighboring affluent communities of Bay Harbor Islands, Surfside, Bal Harbour and Sunny Isles Beach.
Causeway Square includes a 5,000-square-foot, free-standing TotalBank branch, a 4,000-square-foot, free-standing Vitamin Shoppe, an LA Fitness occupying 43,679 square feet, and 86,877 square feet of Class A office space serving legal, medical, technology and financial tenants. The four-level connected structured parking garage contains 416 parking spaces (591 total spaces including surfaced).