Vlad Doronin’s OKO Group and Cain International scored a $630 million refinancing for their 830 Brickell office tower.
The deal comes amid strong lending in South Florida, despite higher interest rates.
Lenders led by Goldman Sachs and J.P. Morgan Chase provided the refinancing, which replaces the $565 million construction bridge loan that OKO and Cain scored last year from Tyko Capital, according to the landlords’ news release.
Adam Spies led the Newmark team that brokered the financing, and Nellie Camerik led the Pillsbury Winthrop Shaw Pittman team representing the landlords.
Miami-based OKO and London-based Cain completed the 57-story 830 Brickell last year, marking the first standalone office tower in Brickell in more than a decade. The building is at 830 Brickell Plaza in Miami.
The tower is nearly fully leased, according to the release.
It benefitted from fortuitous timing for office demand. OKO and Cain, led by Jonathan Goldstein, were developing the tower amid an influx of out-of-state companies to South Florida. Many firms that expanded or moved to Miami sought top tier offices such as 830 Brickell.
Tenants include Microsoft; law firms Kirkland & Ellis and Sidley Austin; Corient, formerly called CI Financial; Thoma Bravo; Marsh Insurance and Santander Bank.
Billionaire hedge funder Ken Griffin’s Citadel and Citadel Securities leased temporary offices at 830 Brickell until they move into their planned bayfront Brickell headquarters tower. Griffin, who moved his firms’ headquarters from Chicago to Miami in 2022, plans the mixed-use $1 billion-plus headquarters tower at 1201 Brickell Bay Drive, 1221 Brickell Avenue and 1250-1260 Brickell Bay Drive in Miami.
Financing has flowed in South Florida over the past two years, even as some lenders have retrenched during the elevated interest-rate environment.
Coral Gables-based Allen Morris Company and the Espinosa family recently landed $138.5 million to build the mixed-use Ziggurat at 3101 Grand Avenue in Miami’s Coconut Grove. The project will consist of a five-story, 100,000-square-foot office building and a three-story, 18-unit luxury condo building with about 45,000 square feet of retail.
Also this month, Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group boosted an existing loan from Bank OZK to $418.3 million for the two-tower, 320-unit St. Regis Residences in Sunny Isles Beach at 18801 Collins Avenue.
Namdar Group scored a $460 million last month in cross-collateralized bridge and construction loans for its nearly 1,400-unit, two-tower apartment project in downtown Miami. The financing package consists of two $230 million loans, one for the 43-story, 680-unit tower at 55 Northeast Second Street; and the other for the 43-story, 714-unit tower at 50 Northeast Third Street. Both are under construction.
Read more
Treo lands $132M refi for VOX UM student housing near UM
PPG, BH3 score $225M refi for Hallandale Beach apartment tower, as lending still flows in South Florida
Residential
South Florida
The Weekly Dirt: Brazil’s banking scandal reaches Miami