Square Mile Capital Management originated a $217million loan secured by 1111 Brickell, a 30-story 522,000 s/f office building in the Brickell submarket of Miami, Florida.
KKR and Parkway Property Investments, acquired the asset and will complete an extensive capital improvement plan to solidify the property’s position as a best-in-class office building.
The financing includes proceeds to fund the acquisition as well as future funding to cover capital improvements and leasing costs.
Amy Julian and Christian Lee of CBRE’s Capital Markets Group in Miami arranged the debt.
Square Mile Capital Principal Michael Mestel said, “We are pleased to both continue our lending relationship with KKR, one of the world’s largest private equity firms, and build new ties with Parkway, an experienced owner and operator of high-quality real estate with a strong track record in this market.”
The property is located in Brickell’s 24-hour neighborhood with highly walkable amenities, including Mary Brickell Village and Brickell City Center.
The building offers views of Biscayne Bay and is leased to a diversified institutional tenant roster in a range of industries.
Square Mile Capital Vice President Eric Cohen added, “1111 Brickell is one of the premiere office assets in Miami. Between the building’s desirable location, Brickell’s strong market fundamentals and KKR and Parkway’s planned renovation, we believe this property is well-positioned for continued success.”