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HFF Arranges $100M Construction Loan for MXU Project in Coral Gables
HFF arranged a $100-million construction loan for the development of the first two phases of The Plaza Coral Gables, a mixed-use project located in Coral Gables. The project is the city’s first large-scale mixed-use development.
The project will include the design and development of Ponce Park, which will serve as an extension of the project’s open plaza area. Designed by CallisonRTKL, phase one of the project includes a 14-story office building totaling 291,129 square feet, encompassing 169 residential units and 101,439 square feet of retail space. The second phase will provide an additional 222,541 square feet, including office, residential townhomes and retail, as well as a 242-key hotel. The project broke ground in December 2017, and has an estimated completion date of June 2020.
Manny de Zárraga, Jim Dockerty and Matthew McCormack of HFF represented the borrower, Agave Holdings LLC, in the transaction. The lender was not disclosed.
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