Berkadia Arranges $28.6M Acquisition Loan for Lennar HQ in Doral

10/9/17

Berkadia has secured a $28.6 million loan for the acquisition of Lennar Corporate Center, a four-building office complex located in Miami’s Airport West Office submarket. Naya Umi LLC, a partnership between Naya USA led by Yoav Merary, and Coast Capital Partners, led by Guy Sharon, acquired the approximately 290,000-square-foot property for $40 million from Colony Realty Partners.

Berkadia’s South Florida finance team, composed of Managing Director Christopher Apone and Senior Managing Director Charles Foschini, arranged the 10-year, partial interest only loan through a CMBS lender, with a 72 percent loan-to-value ratio.

Located at 700, 730, 760, and 790 NW 107 Avenue, Lennar Corporate Center was originally built by Lennar Corporation, a Fortune 500 company based in Miami. The complex has served as the firm’s headquarters since 1982. Companies affiliated with Lennar, including Rialto Capital Management, Eagle Home Mortgage, and North American Title Company, occupy approximately 63% of the property.

“The borrower, Naya USA, was very attracted to the highly favorable below replacement cost purchase opportunity, substantial cash flow, location of asset, and quality tenancy,” explained Apone. “Given the high concentration of the anchor tenant and remaining lease term, it was critical to find a lender that could structure around potential rollover events and was comfortable with the asset and tenancy.”

“Overall, this was a unique deal given the asset’s history, the perception in the market that Lennar could leave and our ability to overcome concerns with a lender that has intimate knowledge of the market, asset and quality of borrower,” added Foschini. “After running a process and narrowing down potential lenders to a short list, we selected a CMBS lender that exhibited the knowledge and ability to reliably fund the loan while structuring a very creative leasing reserve that allows the borrower to maintain cash flow and effectively deal with any future rollover events.”

Located at 700, 730, 760, and 790 NW 107 Avenue, Lennar Corporate Center was originally built by Lennar Corporation, a Fortune 500 company based in Miami. The complex has served as the firm’s headquarters since 1982, and is home to related Lennar entities that include Rialto Capital Management, Eagle Home Mortgage, and North American Title Company.

About Berkadia®:

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.

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