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Berkadia Arranges $47M Refi for North Miami MXU

Berkadia secured $46.5 million in financing for the recapitalization of Causeway Square, a 168,956-square-foot, Class A mixed-use development in North Miami. The borrower was South Florida-based Taubco. The 10-year loan was provided by 3650 REIT.

Located at Biscayne Boulevard and NE 123rd Street, the 96%-occupied property was built in 2009 and 2010. It is home to a diverse mix of retail, office and service tenants, including LA Fitness, a free-standing TotalBank and Vitamin Shoppe, more than 80,000 square feet of Class A office space, and a four-level parking garage.

Berkadia’s Charles Foschini, Chris Apone and Robert Iudice arranged the debt.

Foschini says “In order to arrive at the value needed to refinance the existing mortgage, a lender and their appraiser needed to understand and agree that Causeway Square is a composition of multiple assets, each with its own value and cap rate, located on one of the most coveted commercial corners in Miami-Dade County.”

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.

  • ◦Financing
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