Goldman Sachs Lends $224.3Mln for Miami Development

Brought to you by

Goldman Sachs Commercial Mortgage Capital has provided $224.25 million in financing for Downtown Dadeland, a mixed-use development in Miami. The property, which is still under development, will have seven mid-rise buildings on a 7.43-acre site. The project includes 126,448 square feet of ground-floor retail and restaurant space, 416 residential condominiums and a two-level underground parking garage with 900 spaces. The residential condos are 90 percent pre-sold, while the retail space is about 50 percent pre-leased. The Goldman financing takes out $125 million in construction debt that was provided two years ago by GMAC Commercial Mortgage Corp. and KeyBank Real Estate Capital. GMAC is now known as CapMark. Its Boca Raton, Fla., office arranged the financing. A total of $180 million of the Goldman debt was funded, with the remaining $44.25 million to be funded over the coming two years. The financing has a two-year term, but could be extended for a third year. The property is being developed by a venture led by Canyon-Johnson Urban Fund, a real estate fund that targets investments in minority neighborhoods and is backed by basketball legend Earvin "Magic" Johnson. Canyon-Johnson committed to invest $40 million in the development. The site of the project was purchased four years ago by Gulfside Development for $22 million. The site previously housed an auto dealership and is bordered by North Kendall Drive, South Dadeland Boulevard and US-1, across from the Dadeland Mall, one of the country's top-performing malls.

Friday, May 26, 2006

Goldman Sachs Commercial Mortgage Capital has provided $224.25 million in financing for Downtown Dadeland, a mixed-use development in Miami. The property, which is still under development, will have seven mid-rise buildings on a 7.43-acre site. The project includes 126,448 square feet of ground-floor retail and restaurant space, 416 residential condominiums and a two-level underground parking garage with 900 spaces. The residential condos are 90 percent pre-sold, while the retail space is about 50 percent pre-leased. The Goldman financing takes out $125 million in construction debt that was provided two years ago by GMAC Commercial Mortgage Corp. and KeyBank Real Estate Capital. GMAC is now known as CapMark. Its Boca Raton, Fla., office arranged the financing. A total of $180 million of the Goldman debt was funded, with the remaining $44.25 million to be funded over the coming two years. The financing has a two-year term, but could be extended for a third year. The property is being developed by a venture led by Canyon-Johnson Urban Fund, a real estate fund that targets investments in minority neighborhoods and is backed by basketball legend Earvin "Magic" Johnson. Canyon-Johnson committed to invest $40 million in the development. The site of the project was purchased four years ago by Gulfside Development for $22 million. The site previously housed an auto dealership and is bordered by North Kendall Drive, South Dadeland Boulevard and US-1, across from the Dadeland Mall, one of the country's top-performing malls.