Written by Miami Today on September 8, 2011
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GATEWAY DEAL: Commodore Realty Inc. purchased a 48,000-square-foot parcel near the entrance to Key Biscayne and is currently reviewing proposals to redevelop the commercial property. The parcel, which includes a 10,000-square-foot building home to the former Stefano’s restaurant and an adjacent parking lot, was acquired from Samoro LLC on Aug. 23. "We’ve had conversations with many different prospective tenants, but at the moment we’re keeping our options open," said Eduardo Moreno, who represented the company in the acquisition. "We’re open to any possible array of tenants as long as they are good fits for the property and for the community." Commodore Realty declined to reveal a purchase price, but online property records show the parcels were purchased in February 2007 for $9.25 million and are now valued at $7.34 million. Commodore Realty owns, leases and manages nearly 1 million square feet of retail property throughout Florida. Its primary focus is on grocery-anchored shopping centers, but it also owns a number of free-standing retail buildings.
NEW DEAL: CB Richard Ellis arranged a $10 million refinance deal for The Blackstone Apartments at 800 Washington Ave. Terms included seven-year fixed-rate terms, two years interest only, and a 70% loan-to-value ratio. "The Blackstone transaction provided Freddie Mac the opportunity to expand their loan portfolio and refinance an historic landmark asset in the highly desirable South Beach submarket. The borrower was able to capitalize on historically low interest rates and very favorable terms currently available from Freddie Mac," said Christopher Apone, vice president with CBRE Debt & Equity Finance — Institutional Group in South Florida. Mr. Apone teamed with Charles J. Foschini and Christian R. Lee to arrange the financing through Freddie Mac on behalf of Blackstone Equities LLC. The community comprises 130 units, of which 99% were leased at the time of refinancing.
PROPPING UP AIR SHOW: Miami-Dade officials are refusing to give up on efforts to create an international aerospace show in Homestead. The county commission last week urged the Air Force to reconsider its decision not to support the Miami International Aerospace show at Homestead Air Reserve Base. According to county documents, while the commission agreed to commit up to $7.5 million in Building Better Communities General Obligation Bond proceeds for public infrastructure improvements in May, in August the county was notified that the Air Force "was not in a position to support the Miami International Show at Homestead Air Reserve Base in November 2012." Complete coverage, including The Insider and all information columns, is available in the e-edition. Sign up at www.miamitodaynews.com