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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.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing

