Monday, June 05, 2006

$224M Funds Work, Loans at Downtown Dadeland

MIAMI-The joint venture partners developing Downtown Dadeland has received $224.25 million in financing from Dallas-based Goldman Sachs Commercial Mortgage Capital LP. The funding pays for construction and mezzanine loans that the mixed-use project previously received, and finances remaining construction costs.
Goldman Sachs Commercial Mortgage Capital secured the loan. The fully funded loan amount includes an initial funding of $180 million and an unfunded amount of $44.25 million to be funded over the first 24 months of the loan. The mortgage loan has a three-year term comprised of a two-year initial term and a one-year extension option. The financing was arranged by Marc Yavinsky, vice president of Capmark Financial Group’s Boca Raton office, on behalf of developers Canyon-Johnson Urban Fund and Gulfside Development.
Located across from the Dadeland Mall, Dowtown Dadeland is located on 7.5 acres and contains seven buildings with 126,448 sf of retail space, 416 condominium units and a two-story, 966-space underground parking garage. The condominiums are 90% pre-sold and the retail space is over 50% preleased to a mix of national and regional retailers and restaurants.
Downtown Dadeland is a joint venture between locally based Gulfside Development and the Los Angeles-based Canyon-Johnson Urban Fund. The fund is a joint venture between Canyon Capital Realty Advisors LLC and former basketball player Magic Johnson’s Johnson Development Corp. “After evaluating several financing options for Downtown Dadeland from various financial institutions it became clear to our team that Goldman Sachs presented the perfect match for our project,” says Gulfside Development principal Jackson Ward.
The joint venture partners are also teaming up on a retail and entertainment property in Greenville, SC, as GlobeSt.com reported. The development partnership is demolishing the Greenville Mall to make way for Magnolia Park Town Center, a 676,000-sf center. The estimated $100-million project is slated to open in spring 2008.

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