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Banyan and Independencia secure $53.5M refi for Doral Center
The two-building Doral office complex is now 85% leased, up from 30% at the 2021 acquisition.
Banyan Street Capital and Independencia Asset Management have secured a $53.5 million loan to refinance Doral Center, a two-building office complex at the intersection of Doral Boulevard and NW 87th Avenue in Doral, according to ConnectCRE.
A CBRE team led by Amy Julian and Andrew Chilgren arranged the financing through Wells Fargo. The refinance comes after a $15.5 million capital investment program that repositioned the property as a Class A office destination, including a newly constructed parking structure, full elevator modernization, updated lobbies and refreshed common areas and facades.
ConnectCRE said the upgrades also included high-quality tenant improvements and move-in ready spec suites. At the time Banyan and Independencia acquired the asset in 2021, it was 30% leased, and today it is 85% leased.
ConnectCRE added that Banyan is currently marketing a build-to-suit opportunity of up to 60,000 square feet at the Doral Center site. Julian said the capital improvements have transformed the property into a premier workplace environment.