MIAMI, FL – The Los Angeles and Miami offices of HFF (Holliday Fenoglio Fowler, L.P.) announced today that they have arranged a $47.5 million loan for SunTrust International Center, (top right photo) a 420,080-square-foot office tower in downtown Miami, Florida.Managing director Todd Sugimoto (middle left photo) of HFF Los Angeles and managing director Fred Welker (bottom right photo) of HFF Miami worked exclusively on behalf of Guggenheim Real Estate LLC and its partner, Stiles Corporation, to secure the five-year, fixed-rate loan through a life insurance company.
Loan proceeds are replacing an existing loan that matured in January 2009.
SunTrust International Center is a 31-story marble and glass office tower located at the corner of Flagler Street and Southeast Third Avenue in downtown Miami, convenient to Metromover and Metrorail, Miami Dade County and Federal Courthouses, as well as Bayside Marketplace and American Airlines Arena.
Renovated in 2002, the property is 88% leased to tenants including Akerman, Senterfitt & Eidson; Bank of America; Rachlin, Cohen & Holtz; SunTrust Bank; and Walgreen’s Pharmacy.
On-site amenities include a deli; full-service dry cleaning; security card reader system for controlled access; duplicating, imaging and print shop; and UPS, Airborne Express, DHL and FedEx drop boxes.
“The capital markets are extremely difficult; however, this transaction proves that HFF is successfully completing larger debt transactions with the right combination of sponsorship, asset and capitalization,” said Sugimoto.Guggenheim Real Estate manages an open-end diversified real estate portfolio.
Guggenheim Real Estate LLC is a dedicated real estate investment manager with offices in New York, Boston, Chapel Hill, Charlotte and San Francisco that provides investors with a diversified core-plus real estate portfolio across a wide spectrum of the real estate market, including REITs, direct properties, mezzanine debt and private funds.
Stiles Corporation is one of Florida’s largest full service real estate development companies and has developed more than 27 million square feet of office, retail and industrial facilities.HFF (NYSE: HF) operates out of 18 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry.
HFF offers clients a fully integrated national capital markets platform including debt placement, investment sales, structured finance, private equity, loan sales and commercial loan servicing. http://www.hfflp.com/.
CONTACTS:
TODD SUGIMOTO, HFF Managing Director, (310) 407-2100, tsugimoto@hfflp.com
FRED E. WELKER III, HFF Managing Director, (305) 448-1333, fwelker@hfflp.com
KRISTEN M. MURPHY, HFF Associate Director, Marketing, (713) 852-3500, krmurphy@hfflp.com
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