Douglas Centre.800 Douglas Road (ALM Media)
The investment group behind the all-cash deal to snap up the Douglas Entrance office complex in Coral Gables has received a bridge loan backed by the property.
A partnership between Banyan Street Capital and Oaktree Capital Management LP, which acquired the five-building property in March, secured $86.8 million in financing from New York-based Blackstone.
Blackstone provided a three-year, interest-only loan based on 75 percent loan-to-cost calculations, according to broker CBRE, which helped arrange the financing as well as the previous sale.
The landlord acquired the property for $100.75 million, or $216 per square foot. At the time, the companies announced plans for over $10 million in improvements.
“The borrower won this sale by closing all cash on a line of credit,” CBRE vice chairman Charles Foschini said in a statement. “There was motivation to replace the line with traditional debt, and Blackstone moved with incredible velocity to fund the loan weeks after closing of the sale.”
Douglas Entrance is a five-building office complex with 467,325 square feet at 800, 804 and 806 S. Douglas Road. The property is 81 percent leased to 43 tenants, according to CBRE.