Monday, December 10, 2012

HFF arranges $17.2 million refinancing for high profile mixed-use development site across from the Dadeland Mall in Miami, FL

Manny de Zarraga

 MIAMI, FL – HFF announced today that it has arranged a $17.2 million refinancing for 7400 and 7440 North Kendall Drive, a mixed-use property with a 71,888-square-foot medical office building and a 24,999-square-foot retail building in Miami, Florida.

                HFF worked on behalf of Dayco Development Company to secure the fixed-rate loan through Ladder Capital.  Loan proceeds were used to pay off the existing loan held by Banco Popular. 

Chris Drew
7400 and 7440 North Kendall Drive are situated on 4.03 acres directly across from the Dadeland Mall in the heart of the Dadeland Triangle, one block northwest of the Metrorail at the nexus of Kendall Drive and the Palmetto Expressway. 

The medical office building is well-leased and the retail building is fully leased to Tiger Direct.  The site also has as-of-right entitlements for more than 928,500 square feet of commercial development or 1,092 multi-housing residential units. 

                The HFF team representing Dayco was led by executive managing director Manny de Zárraga, director Chris Drew and senior real estate analyst Jorge Portela.

Dadeland Mall, Kendall, FL
“The refinancing will allow Dayco to pursue various strategic and development options for this high-profile urban property,” said Drew. 

“We continue to see significant demand from lenders for assets located in densely populated in-fill locations, with high barriers to entry,” added Drew.

 “This property is the premier development site in the Dadeland Triangle; it is adjacent to one of the highest grossing Publix grocery stores in Miami, is directly across the street from the Dadeland Mall, which is considered a top mall in Florida, and enjoys tremendous frontage along North Kendall Drive.”

Since its inception in 1971, Dayco has been known as a leader in large scale urban real estate development, having completed multiple commercial, residential, and mixed-use developments throughout Florida.


Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 |

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