MIAMI, FL – HFF announced today that it has arranged $79 million in financing for Airport Corporate Center (top left photo), an 11-building, Class A office portfolio adjacent to Miami International Airport in Miami, Florida.HFF worked on behalf of the borrower, a subsidiary of Hines REIT, to secure the 10-year, fixed-rate loan through John Hancock Life Insurance Company. Loan proceeds are retiring existing financing set to mature in March 2012.
Airport Corporate Center is located along the western edge of the Miami International Airport with prominent frontage along the Palmetto Expressway.
The 11 buildings total 1,019,048 square feet and consist of suburban office, single-story office and warehouse uses. The property’s tenants include Norwegian Cruise Line, South Florida Employment and United HealthCare Services.
The HFF team representing the borrower was led by senior managing director Paul Stasaitis (middle right photo), who was assisted by directors Chris Drew (bottom left photo) and Ignacio Portuondo.
“The quality of Airport Corporate Center, considered one of the most prominent and highly recognized Airport-west office parks, is exceptional, and this loan opportunity was only further enhanced by the reputation and experience of Hines as an operator,” said Stasaitis.
“Lenders today have many choices on where to direct their capital, as such, providing thoroughly presented opportunities backed by top-rate sponsors with highly desirable real estate, ultimately leads to best-in-class results for both borrower and lender.”
Hines REIT, formed in 2003, is engaged in the business of investing in and owning interests in various institutional quality real estate assets. Hines REIT directly or indirectly owns 57 assets and more than 26 million square feet of office, retail and industrial space and since inception has acquired in excess of $3.7 billion in real estate assets.
Contacts:
Chris Drew, HFF Director, (305) 448-1333, cdrew@hfflp.com
Kristen Murphy, HFF Associate Director, Marketing, (713) 852-3500,
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