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Oko Group And Cain International Secure $565 Million Refinance Loan For Miami's 830 Brickell Tower

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FINANCED
$565,000,000

Florida

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Office640,000 SF
Financed 07/24/2024
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Property Image
FINANCED

Oko Group And Cain International Secure $565 Million Refinance Loan For Miami's 830 Brickell Tower

830 Brickell Plaza

See Similar Deals
Office640,000 SF
Financed 07/24/2024
Contact now

Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$882
Total Square Footage:640,000 SF
Transaction Type:Loan

The 830 Brickell office tower, located in Miami, is a 640,000-square-foot development currently 90% leased to tenants such as Microsoft and Citadel. The property is noteworthy as it is the first new stand-alone office tower in Miami in over a decade, slated for completion this fall.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $565,000,000
  • Lender: Adi Chugh - TYKO Capital
  • Landlord: Vlad Doronin - OKO Group
  • Co-Landlord: Jonathan Goldstein - Cain International
  • Loan Type: Refinance

Oko Group and Cain International sought to refinance the 830 Brickell office tower by securing a significant loan from TYKO Capital, effectively paying off its construction loan. This transaction highlights the collaboration between Vlad Doronin and Jonathan Goldstein in managing the ownership of the property.

Players

LENDER

Details

FINANCED
IMAGE: Jonathan Goldstein & Vlad Doronin DATE: 07/24/2024 ADDRESS: 830 Brickell Plaza MARKET: Miami ASSET TYPE: Office ~ SF: 640,000 LENDER: Adi Chugh - TYKO Capital LANDLORD: Vlad Doronin (@VladislavDoronin_) - OKO Group (@OKOGroup); Jonathan Goldstein - Cain International LOAN AMOUNT: $565,000,000 LOAN TYPE: Refinance NOTE: Oko Group and Cain International secured $565 million from TYKO Capital to refinance Miami's 830 Brickell office tower, paying off its construction loan. The 640,000-square-foot development, 90% leased to tenants like Microsoft and Citadel, is set to complete this fall and marks Miami’s first new stand-alone office tower in over a decade.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$565,000,000.00

Monthly NOI$3,766,666.67
Monthly Debt Service$3,571,184.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00