CMC Lands $69.9M Refi for Coral Gables Development

CMC Group has secured a $69.9 million loan from City National Bank of Florida (CNB) for the refinancing of 4000 Ponce/The Collection, a nine-story Class-A mixed-use office and retail development in the Coral Gables neighborhood of Miami. CMC Group developed the property in 2002.

Located at the confluence of Ponce de Leon Boulevard and Bird Road in Coral Gables, 4000 Ponce features 150,000 square feet of Class A office space and 32,000 square feet of prime ground-floor retail. The building is more than 90% leased to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.

JLL Capital Markets secured the five-year, floating-rate senior loan through City National Bank of Florida on behalf of the borrower, CMC Group. Paul Stasaitis led the JLL Capital Markets Debt Advisory team representing CMC Group. Jim Shindell and Hannah Lidicker of Bilzin Sumberg also represented CMC Group.