MIAMI — Canyon Capital Realty Advisors has provided a $130 million senior construction loan to fund the completion of a Miami office tower. Local developer Foram Group will use the funds to complete construction of 600 Brickell and lease it up.
The 40-story, Class A tower topped out in February 2009 and is currently 80 percent complete. 600 Brickell will total 600,000 square feet and will be ready for occupancy this fall. Original plans for the Brickell site also included the construction of a 68-story mixed-use building that would be built as Phase II. Near-term plans only call for the completion of the 40-story building.
Foram plans to use the proceeds from the loan to complete the building's core and shell as well as fund tenant improvements and leasing costs. Noël Steinfeld and Chris Dekker of CB Richard Ellis' Miami office are leasing the project's retail component. Foram is handling leasing for the project's retail component and will manage the building upon completion.
CGI Capital Holdings arranged the financing, terms of which were not disclosed.
— Coleman Wood