Done Deals: HFF arranges $100 million construction loan for development of The Plaza Coral Gables in Coral Gables, FL

Tuesday, June 4, 2019

HFF arranges $100 million construction loan for development of The Plaza Coral Gables in Coral Gables, FL

Phase one construction of The Plaza Coral Gables includes a 14-story, Class A, state-of-the art office building totaling 291,129 square feet; 135 multi-housing units and 34 ground level/loft apartment units in Coral Gables, FL

MIAMI, FL, June 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $100 million in construction financing for the development of the first of two phases of The Plaza Coral Gables, a mixed-use project located in the heart of the Coral Gables business district.

HFF worked on behalf of the borrower, Agave Holdings, LLC, to secure the construction facility.

Manny de Zarraga

The Plaza Coral Gables represents the first large scale mixed-use development within the City of Coral Gables and includes the design and development of Ponce Park, which will serve as an extension of the project’s dramatic open plaza area.

Designed by CallisonRTKL, phase one of the project includes a 14-story, Class A, state-of-the art office building totaling 291,129 square feet; 135 multi-housing units, 34 ground level/loft apartment units;

Also: 101,439 square feet of retail space primarily fronting Ponce del Leon and the dramatic plaza, and consisting of an experiential theme with restaurants, entertainment and service tenants.

The second phase, not part of the financing, will provide an additional 222,541 square feet of net rentable area, including office, residential townhomes and retail, as well as a 242-key hotel.

Jim Dockerty

The project broke ground in December 2017 and has an estimated completion date of June 2020.

The HFF capital markets team representing the borrower included executive managing director Manny de Zárraga, managing director Jim Dockerty and director Matthew McCormack.

“The Plaza Coral Gables is not only a milestone project for Coral Gable’s history but in South Florida history,” de Zárraga said. “This project is the culmination of years of hard work by the Agave team, who are focused and dedicated to providing the best tenant and customer experience for years to come.”

About Agave Holdings, LLC

Agave Holdings, LLC is a privately-owned, commercial real estate firm specializing in the acquisition and development of generational commercial properties throughout the United States and Mexico.

Matthew McCormack

With offices in Miami and Mexico City, the firm, which represents the interests of Grupo JB (family of Juan Beckmann of José Cuervo), currently owns and manages more than four million square feet of institutional Class A office space across the United States and Mexico.

About HFF

HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.

HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.

HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).

For more information, please visit hfflp.com or follow HFF on Twitter @HFF.