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Investor Team Scores $53.5M Refi on Doral Center Offices
Banyan Street Capital and Independencia Asset Management landed a $53.5 million loan for the refinancing of the Doral Center complex, located at the intersection of Doral Boulevard and NW 87th Avenue in Doral. A CBRE team led by Amy Julian and Andrew Chilgren secured the financing through Wells Fargo.
The financing follows a comprehensive $15.5 million capital investment program that transformed the property into a Class A office destination. Major upgrades to the asset include a newly constructed parking structure, full elevator modernization, updated building lobbies, refreshed common areas and facades and high-quality tenant improvements and move-in ready spec suites.
“The extensive capital improvements have completely transformed Doral Center into a premier workplace environment,” said CBRE’s Julian.
The two-building property was acquired by Banyan and Indepencia in 2021. At the time, it was 30% leased. Today, that number stands at 85%. Banyan is also currently marketing a build-to-suit opportunity of up to 60,000 square feet in the center of the park.
- ◦Financing
