Taubco secured a $46.5m loan for the recapitalization of Causeway Square in North Miami. The 168,956 sq ft, class A mixed-use development is currently 96 percent occupied. The property features 80,000 sq ft of office space, a four-level parking garage and retail tenants, including LA Fitness, a free-standing TotalBank and Vitamin Shoppe. Berkadia’s South Florida office arranged the debt, a 10-year loan provided by 3650 REIT.
“This was a phenomenal asset in both use and location but that belied the challenges of closing the loan,” said Charles Foschini, senior managing director at Berkadia. “In order to arrive at the value needed to refinance the existing mortgage, a lender and their appraiser needed to understand and agree that Causeway Square is a composition of multiple assets, each with its own value and cap rate, located on one of the most coveted commercial corners in Miami-Dade County. It includes a class A office asset with structured parking, a standalone LA Fitness, a neighborhood retail center and several credit outparcels each with its own value.”
