Citigroup Grants $56 Million On Buy Of Doral Concourse In South Florida

MG3 REIT has grabbed $56 million in debt originated by Citigroup to promote its $96 million buys of Doral Concourse, an office complex in Doral, Florida.

The 10-year, interest-only commercial mortgage-backed securities (CMBS) loan, along with nearly $45 million in equity provided by MG3, helped get the firm’s purchase of the 241,000 Sq Ft. office property across the finish line. The loan was started on July 12.

New York-based real estate investor DRA Advisors sold the property, which stands at six stories and holds a five-story parking garage, according to data from CBRE, the firm that advised in the sale and financing.

Doral Concourse at 8400 Northwest 36th Street was part of a three-building package of Miami-Dade County properties that DRA purchased for just under $132 million in 2014. It sold the other two in 2015 and in 2019 for a combined $97 million, now netting $96 million for Doral.

Still, while there are seven tenants occupying about 53 percent of the building that has been in place for 13 years, every in-place lease is set to expire during the 10-year term of the CMBS loan.

Tenants at the property include Starboard Cruise ServicesGeneral Mills, law firm Greenberg TraurigKemper Corp. and Pipeline Workspaces.

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