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Banyan Street Capital refinances Doral Center office with $53.5M
The $53.5 million refinance is tied to a 290,000-square-foot, 85 percent leased campus, with Wells Fargo backing the debt.
Banyan Street Capital and Independencia Asset Management secured $53.5 million to refinance an office complex in Doral, Florida, according to Commercial Observer. Wells Fargo provided the financing for the 10.8-acre Doral Center property.
The campus spans about 290,000 square feet across two buildings, with one rising six stories and the other seven stories, at 3750 Northwest 87th Avenue and 8750 Northwest 36th Street. CBRE said the asset is about 85 percent leased, with coworking operator Quest Workspaces as a tenant covering roughly 38,000 square feet.
CBRE brokered the debt, and the owners have invested $15.5 million in updates since purchasing the property for $43 million in 2020. The article also notes the 2020 sale price was about $4.3 million less than the amount the property traded for four years earlier, based on property records.
Commercial Observer reports CBRE attributed improved leasing activity to the capital improvements and the area’s “robust economic fundamentals.” It also adds that this January, the joint venture sold about three acres for $6 million to residential developer ROVR Development.