Keystone Property Group Secures $62 Million Loan From Arbor Realty For Office-to-Residential Conversion

The property asset involved in the transaction is a development site located at 9400 & 9500 South Dadeland Blvd in Miami. This site spans 474,455 square feet and covers approximately 8.3 acres. Keystone Property Group has secured a loan of $62 million from Arbor Realty to fund the conversion of a portion of the office campus into residential apartments.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $62,000,000
• Asset Size: 474,455 SF
• Acres: 8.3
• Lender: Ivan Kaufman - Arbor Realty
• Landlord: Bill Glazer - Keystone Property Group
• Loan Terms: three-year

The deal showcases a notable collaboration between Ivan Kaufman of Arbor Realty and Bill Glazer from Keystone Property Group. This agreement supports one of South Florida's first major office-to-residential conversions, with construction currently in progress on the site.