Madison Realty Capital lends $102 million for Miami hotel and office assets – Business Observer

CGI Merchant Group took on $101.9 million in debt to refinance two Miami properties, Commercial Observer has learned.

Madison Realty Capital provided the financing, which includes a $66.4 million loan to CGI The Gabriel Miami luxury hotel and a $33.5 million loan for its Class A office building in 3480 Main Street in the Coconut Grove neighborhood. Surya Capital Partners negotiated the transaction.

“Miami continues to see increased demand from tourists as well as businesses relocating to South Florida,” Josh Zegen, chief executive and co-founder of Madison Realty Capital, said in a statement. “CGI Merchant Group has a strong portfolio of projects in the region, and we look forward to working with them again in the future.

The Gabriel Miami, located at 1100 Biscayne Blvd. in downtown Miami, is a 129-key boutique under hiltonit’s Collection of curiosities Mark with 14,440 square feet of dining space along Interstate 395. Hotel amenities include a spa, sauna, fitness center, outdoor pool, and event space. It is one of the 64 floors Marquis building of luxury condominiums overlooking Biscayne Bay.

The office building at 3480 Main Street was completed in 2020 and is designed by Architecture. The property offers 44,685 square feet of office space for lease over five floors, 10,177 square feet of retail space, two restaurants and an outdoor rooftop terrace. Retail and rooftop spaces are fully leased to the Lebanese restaurant Amal.

Thomas RaoulFounder and CEO of Miami-based CGI Merchant Group said, “We look forward to continuing our relationship with Madison Realty Capital to execute on our hospitality and office development strategy in Miami.

Andrew Coen can be reached at [email protected].

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