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JLL Secures $668M Construction Loan For 300 Biscayne Blvd Mixed-use Asset

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FINANCED
$668,000,000
Jimmy Calvo
Christopher (Chris) Drew
+ 2

Florida

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Mixed-use853,000 SF
Financed
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FINANCED

JLL Secures $668M Construction Loan For 300 Biscayne Blvd Mixed-use Asset

300 Biscayne Boulevard

See Similar Deals
Mixed-use853,000 SF
Financed
Jimmy Calvo
Christopher (Chris) Drew
+ 2
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Summary

FLORIDA
Asset Type:Mixed-use
Price Per Square Foot:$783
Total Square Footage:853000 SF
Transaction Type:Loan

The asset involved in this transaction is a mixed-use property located at 300 Biscayne Boulevard in Miami, encompassing a total square footage of 853,000. A construction loan of $668,000,000 has been secured for this property, consisting of $425,000,000 provided by Bank OZK as the sole, senior secured lender and $243,000,000 in mezzanine financing from Related Fund Management.

Summary of transaction details:

The transaction involved key individuals and companies, with JLL acting on behalf of the borrowers, Property Markets Group (PMG) and Greybrook Realty Partners, to secure the financing required for the project. The brokers Stephen Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo, and Mateo Bolivar played a crucial role in facilitating the loan from the lenders involved in the deal.

Players

Brian Gaswirth
45 deals$6.3B volume(305) 421-6554
BROKER

Christopher (Chris) Peck
JLL
70 deals$14.6B volume(212) 632-1812
BROKER

Christopher (Chris) Drew
JLL
46 deals$4.7B volume(305) 421-6551
BROKER

Jimmy Calvo
JLL
16 deals$3B volume
BROKER

Mateo Bolivar
JLL
13 deals$1.3B volume
BROKER

Bank OZK
LENDER

Details

FINANCED
IMAGE: Daniel Kaplan, Ryan Shear, Christopher Peck, Chris Drew, Brian Gaswirth, Jimmy Calvo & Mateo Bolivar DATE: 06/13/2024 ADDRESS: 300 Biscayne Boulevard MARKET: Miami ASSET TYPE: Mixed-use ~ SF: 853,000 LENDERS: Bank OZK (@BankOZK) & Related Fund Management LANDLORD: Ryan Shear & Daniel Kaplan - PMG (@PMGDevelopment) ; Greybrook Realty Partners (@Greybrook) BROKERS: Christopher Peck, Chris Drew, Brian Gaswirth (@BGassy), Jimmy Calvo (@JCalvo1993) & Mateo Bolivar (@MateoBolivar) - JLL (@JLL) LOAN AMOUNT: $668,000,000 ($425,000,000: Bank OZK - sole, senior secured lender/$243,000,000: Related Fund Management – mezzanine lender) LOAN TYPE: Construction Loan NOTE FROM BROKERS: JLL worked on behalf of the borrowers, Property Markets Group (PMG) and Greybrook Realty Partners, to secure $425 million from Bank OZK as the sole, senior-secured lender and $243 million in mezzanine financing from Related Fund Management.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$668,000,000.00

Monthly NOI$4,453,333.33
Monthly Debt Service$4,222,214.40
Change in Cash Flow$0.00
Refinance Proceeds$0.00