Canyon Capital Realty Advisors LLC (Canyon) has funded a $130 million senior construction loan to Brickell Holdings, LLC to complete the development of 600 Brickell, a 40-story, Class A+ office tower with approximately 600,000 square feet of leasable space in the heart of the Brickell submarket of Miami’s Central Business District.
The developer of the project, Miami-based Foram Group (Foram), is initiating leasing activities such that initial occupancy can occur upon the project’s completion. The building is 80 percent completed with occupancy scheduled for this fall. The construction loan from Canyon funds not only the completion of the building’s core and shell, but most importantly, the loan will also fund tenant improvements and leasing commission costs. CB Richard Ellis (CBRE) is handling leasing efforts through leasing agents Noël Steinfeld and Chris Dekker of CBRE’s Miami office, while Foram is handling retail leasing and on-site property management.
“This is an excellent commercial transaction at competitive rates,” says Foram Chairman and CEO Loretta H. Cockrum. “600 Brickell will be a landmark development and will be the most sustainable, efficient and tenant-friendly building in the Southeast. We expect to attract tenants who share these values.”
CGI Capital Holdings LLC, an investment banking firm based in Miami and led by Raoul Thomas, was responsible for arranging the financing.