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| 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.
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| 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.
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| 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.
Contact:
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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