Sageblan Investments acquired the SunTrust Parking Garage which is entitled for up to 800 residential units, 120 hotel keys, and 7,205 square feet of retail space
MIAMI (November 2, 2021) – Berkadia announces it has secured an $18.25 million loan for the acquisition of the SunTrust Parking Garage in Downtown Miami, an 863-space parking garage with zoning for up to 800 residential units, 120 hotel keys, 7,205 square feet of retail space.
Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Orlando, along with Managing Director Scott Wadler of Berkadia Miami, secured the financing on behalf of Sageblan Investments, a private real estate investment and management company, based in Montreal, Canada.
Glacier Global Partners originated the three-year loan with two extension options, with interest-only for the first 24 months, and a 30-year amortization schedule thereafter.
“This is Sageblan Investments’ first acquisition in the South Florida market as we look forward to capitalize on what we feel will be continued growth for this sub sector over the coming years,” commented Gaurav Gupta, Managing Partner / President of Sageblan. “We believe in the future outlook of the Miami downtown core and look forward to bringing to life a project that will be beneficial to the community we are in.”
“This covered land opportunity allows the buyer to benefit from substantial in-place cash flows with the opportunity to grow them significantly, while planning for future development,” said Weinberg.
Added Wadler, “Downtown Miami is currently seeing more growth and development than any other Miami submarket, and the Property is poised to benefit from billions on major infrastructure and new residential and commercial projects surrounding Miami’s Brightline station and Miami Worldcenter.”
Located at 225 North East 1st Street, the SunTrust Parking Garage is within walking distance of over 11.5 million square feet of Class A office space. There are more than 391,000 employees within five miles, and a daytime population of more than 250,000. The property is conveniently located within walking distance of American Airlines Arena, The Port of Miami Cruises, the Brightline Station, Metro Mover Station, Miami World Center, Bayfront Park and Miami Dade College. The garage boasted a pre-covid occupancy rate of over 90 percent.