MIAMI — Calmwater Capital, formerly known as Karlin Real Estate Lending, has provided a $34.7 million acquisition loan for the purchase of Security Building, a historic 96,575-square-foot office and residential tower in downtown Miami. Built in 1926 and converted to live-work-play lifestyle condo units in 2007, the 16-story Security Building is located in Miami’s financial district. In addition to the acquisition, the proceeds of the loan will be used by the borrower, Security Building AR Owner LLC, to upgrade and lease the asset. As a part of the lease-up strategy, the building owner secured a lease with WeWork, a New York-based provider of creative communal office space, to take 100 percent of the building and convert existing residential units into office space. The $34.7 million credit facility consists of an $18.2 million short-term loan, which was funded to acquire 55 of the 60 residential units. Future funding of $16.5 million will be provided for the acquisition of the five remaining condominium units, tenant improvements, overall building renovations and an interest reserve, according to Calmwater Capital.
Security Building's new owner has secured a lease with WeWork to take 100 percent of the building and convert existing residential units into office space.
Calmwater Capital Provides $34.7M Acquisition Loan for Mixed-Use Asset in Downtown Miami
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