MIAMI, FL – The Miami office of HFF (Holliday Fenoglio Fowler, L.P.) announced today that it has arranged $19.9 million in financing for a newly constructed, 150,000-square-foot, Class A office building in Doral, Florida.
HFF senior managing director Paul Stasaitis (middle right photo), executive managing director Manny de Zárraga (middle left photo) and senior real estate analyst Ignacio Portuondo worked exclusively on behalf of the borrower, a joint venture between the Codina Partners and institutional investors advised by J.P. Morgan Asset Management, to secure the two-year, floating-rate loan through Bank of America Merrill Lynch.
The property is located within Downtown Doral, formerly known as Doral Center, adjacent to the Doral Resort and in close proximity to The Palmetto, the 836 Expressway, the Florida Turnpike and Miami International Airport.
The property is the first LEED certified office building in Doral and is 29% leased overall. “Downtown Doral is in the midst of a significant redevelopment, which will transform it into a mixed-use, town-center concept and this premier addition is a key component to just that vision,” said Stasaitis. “Further, the high level of sponsorship we have here, along with their commitment and vision for Downtown Doral, played strongly in gaining lender confidence in this loan placement.”
Formed in the fall of 2009, Codina Partners, LLC is Armando Codina’s (lower right photo) latest real estate endeavor. Codina Partners, based in Coral Gables, Florida, is a boutique real estate investment and development firm focusing on complex real estate transactions.
Codina Partners is comprised of a talented team of highly experienced and motivated real estate professionals with a track record that extends over three decades in real estate development and investments.
J.P. Morgan Asset Management – Global Real Assets has approximately $44.6 billion in real estate and infrastructure assets under management, as of June 30, 2010. With a 40-year history of successful investing and a staff of 362 professionals, J.P. Morgan Asset Management – Global Real Assets identifies, analyzes, negotiates, acquires, develops, redevelops, renovates, operates, maintains, finances and sells assets, on behalf of its clients.
J.P. Morgan Asset Management's broad investment capabilities and framework for analyzing opportunities in today's complex real estate and infrastructure markets provide critical insights for its institutional clients in both the public and private markets.
J.P. Morgan Asset Management is the marketing name for the asset management business for JPMorgan Chase & Co. and its affiliates worldwide.
Contact:
Paul Stasaitis, HFF Senior Managing Director, (305) 448-1333, pstasaitis@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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