MIAMI (September 16, 2019) – Berkadia announces it has arranged the $16 million recapitalization of Corporate Park of Doral, an 185,000-square-foot, award-winning office park located in Doral, Florida. Senior Managing Director Charles Foschini and Managing Director Chris Apone of Berkadia’s Miami office arranged the loan on behalf of Corporate Park of Miami, LLC.
Starwood Mortgage Capital provided the 10-year refinance loan, with full term interest only.
“After acquiring the property in 1997 from Bell South, the borrower completely gutted and modernized the asset, bringing occupancy up to over 90 percent in a 30-month period,” said Foschini. “Thanks to the borrower’s dedication and investment of over $13 million in renovations, Corporate Park of Doral is now currently 92 percent occupied and continues to attract high-quality tenants.”
“The Miami Airport submarket, in which this asset sits, continues to see some of the strongest rent growth in the metro area, with Class A and B assets enjoying the most impressive gains over the past 12 months,” he added. “Fundamentals are expected to stay stable, which should keep rent growth healthy in the near-term.”
Located at 7705 – 7789 NW 48th Street, Corporate Park of Doral was built between 1971 and 1978 and consists of eight buildings in a lushly landscaped, gated community on 16.55 acres of land in the heart of the Miami Airport submarket. The parking ratio is 5 spaces per 1,000 square feet. With 900 feet of frontage along the Palmetto Expressway, Corporate Park of Doral offers superior access and exceptional visibility and is conveniently located within 10 to 20 minutes to SR-836, I-95, the Florida Turnpike, and Miami International Airport.
Recipient of the 1999 TOBY International (The Office Building of the Year) award from BOMA, Corporate Park of Doral is currently home to many federal, state and local government agencies ranging from the U.S. Military to the Florida Department of Agriculture as well numerous Fortune 500 companies.