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Berkadia Arranges $46.5M in Refinancing for Mixed-Use Development in North Miami

Causeway-Square-North-Miami-FL

Located in North Miami, Fla., Causeway Square features 168,956 square feet of office and retail space.

NORTH MIAMI, FLA. — Berkadia has secured $46.5 million in refinancing for the recapitalization of Causeway Square, a 168,956-square-foot mixed-use development located in North Miami. The borrower is Taubco, a real estate developer and manager based in South Florida. 3650 REIT, a Miami-based real estate lending, investment and services firm, provided the 10-year loan. Charles Foschini, Chris Apone and Robert Iudice of Berkadia arranged the financing.

Built in 2009 and 2010, Causeway Square features 86,877 square feet of Class A office space, a 5,000-square-foot TotalBank branch, 4,000-square-foot Vitamin Shoppe and a 43,679-square-foot LA Fitness, as well as a 416-spot parking garage. The property is currently 96 percent leased, according to Berkadia.

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