Naya Umi LLC, a partnership between Naya USA led by Yoav Merary and Coast Capital Partners led by Guy Sharon has paid $40 million for the four building Lennar Corporate Center in Miami’s Airport West Office submarket. Berkadia’s South Florida finance team, composed of Managing Director Christopher Apone and Senior Managing Director Charles Foschini, arranged a 10 year, $28.6 million partial interest only loan for the buyer. The 290,000 square foot office complex was originally built by Lennar Corporation, a Fortune 500 company based in Miami, and has served as the firms’s headquarters since 1982. Other Lennar entities housed in the asset include Rialto Capital Management, Eagle Home Mortgage, and North American Title Company.
“Overall, this was a unique deal given the asset’s history, the perception in the market that Lennar could leave and our ability to overcome concerns with a lender that has intimate knowledge of the market, asset and quality of borrower,” said Foschini. “After running a process and narrowing down potential lenders to a short list, we selected a CMBS lender that exhibited the knowledge and ability to reliably fund the loan while structuring a very creative leasing reserve that allows the borrower to maintain cash flow and effectively deal with any future rollover events.”
