Suzanne M. Amaducci-Adams, Alexandra Lehson and James W. Shindell (J. Albert Diaz)
Dealmakers: Jim Shindell, Suzanne M. Amaducci-Adams and Alexandra Lehson.
The Deal: $74 million financing for a Class A office building and car dealership in Coral Gables.
Details: In spite of a somewhat unconventional ownership set-up that might have tripped up the deal, the parties involved in a recent commercial refinancing “all quickly understood” the deal landscape and were able to execute the transaction in just two months, a lawyer involved in the process told the Daily Business Review.
The deal at issue was the recent $74 million financing backed by the office building and luxury car dealership at 4000 Ponce de Leon Boulevard in Coral Gables. That building, the car dealership within it, and the corporate entity that owns it, are all called The Collection. Jim Shindell, partner and real estate practice group leader at Bilzin Sumberg Baena Price & Axelrod LLP, said his team’s work documenting a large loan was somewhat complicated by the fact the building had two distinct operational components—car dealership and office space—and that the landlord actually operated the dealership.
“This property is a combination of a Class A office building and a luxury automobile leadership, one of the most successful and best-run in the country,” Shindell said. “In the real estate world, financing is typically made to owners who own the property and lease it and don’t actually use the property for major operations themselves.”
That quirk presented “a number of challenges in documenting a loan in a world where lenders are accustomed to single purpose borrowers,” Shindell said.
Shindell’s team included Bilzin Sumberg partner Suzanne M. Amaducci-Adams and associate Alexandra Lehson. Shindell said Amaducci-Adams’ experience in hotel industry transactions and CMBS financing were instrumental in conceptualizing the deal.
“Suzanne has a great deal of experience in the CMBS world, which is ground-zero for the special entity type of institution,” he said.
Shindell also said the finance brokers who helped match the borrower with lender Allianz Life Insurance Co. of North America were instrumental in providing key information to all sides and making sure the deal execution went through smoothly.
The finance brokers involved were the HFF Real Estate Capital Markets team, comprised of managing director Paul Stasaitis, managing director Jim Dockerty and real estate analyst Jose Carranza.
Quote: “Financing is typically made to owners who own the property and lease it and don’t actually use the property for major operations themselves.”
Background: Shindell is a partner and real estate practice group leader at Bilzin Sumberg. Amaducci-Adams is also a partner with the firm and Lehson is an associate. Stasaitis is managing director at finance broker HFF. Dockerty is also managing director there, and Carranza is an analyst.