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Florida & Gulf Coast  + Miami + South Florida  + Office  |  November 11, 2021
SunTrust Parking Garage in Miami, FL
Lisa McDuffie
By: Lisa McDuffie

Hot Spots! Buyer Plunks Down $18M for Downtown Miami Parking Garage

Berkadia has secured an $18.3 million loan for the acquisition of the SunTrust Parking Garage, an 863-space structure with 7,205 square feet of retail space in downtown Miami, FL. Glacier Global Partners originated the three-year loan with two extension options, with interest-only for the first 24 months and a 30-year amortization schedule thereafter.

Michael Weinberg and Alec Fox of Berkadia Orlando along with Scott Wadler of Berkadia Miami secured the financing on behalf of the buyer, Montreal-based Sageblan Investments.

“Downtown Miami is currently seeing more growth and development than any other Miami submarket, and the property is poised to benefit from billions on major infrastructure and new residential and commercial projects surrounding Miami’s Brightline station and Miami Worldcenter,” said Wadler

The North East 1st Street garage is within walking distance of more than 11.5 million square feet of Class A office space. There are nearly 400,000 employees within five miles and a daytime population of 250,000.

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Inside The Story

Berkadia’s Wadler

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as she makes the transition from an utterly failed racehorse to a lovely show hunter.
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