Sageblan Investments acquired the SunTrust Parking Garage which is entitled for up to 800 residential units, 120 hotel keys, and 7,205 square feet of retail space
Berkadia announces it has secured an $18.25 million loan for the acquisition of the SunTrust Parking Garage in Downtown Miami, an 863-space parking garage with zoning for up to 800 residential units, 120 hotel keys, 7,205 square feet of retail space.
Managing Director Michael Weinberg and Associate Director Alec Fox of Berkadia Orlando, along with Managing Director Scott Wadler of Berkadia Miami, secured the financing on behalf of Sageblan Investments, a private real estate investment and management company, based in Montreal, Canada.
Glacier Global Partners originated the three-year loan with two extension options, with interest-only for the first 24 months, and a 30-year amortization schedule thereafter.
“This is Sageblan Investments’ first acquisition in the South Florida market as we look forward to capitalize on what we feel will be continued growth for this sub sector over the coming years,” commented Gaurav Gupta, Managing Partner / President of Sageblan. “We believe in the future outlook of the Miami downtown core and look forward to bringing to life a project that will be beneficial to the community we are in.”
“This covered land opportunity allows the buyer to benefit from substantial in-place cash flows with the opportunity to grow them significantly, while planning for future development,” said Weinberg.
Added Wadler, “Downtown Miami is currently seeing more growth and development than any other Miami submarket, and the Property is poised to benefit from billions on major infrastructure and new residential and commercial projects surrounding Miami’s Brightline station and Miami Worldcenter.”
Located at 225 North East 1st Street, the SunTrust Parking Garage is within walking distance of over 11.5 million square feet of Class A office space. There are more than 391,000 employees within five miles, and a daytime population of more than 250,000. The property is conveniently located within walking distance of American Airlines Arena, The Port of Miami Cruises, the Brightline Station, Metro Mover Station, Miami World Center, Bayfront Park and Miami Dade College. The garage boasted a pre-covid occupancy rate of over 90 percent.
About Sageblan Investments ™:
The motivation of Sageblan Investments ™ as a private real estate investment and management company with a head office in Montréal is to provide meaningful experiences for their guests and clientele across sectors. The firm believes strongly that intellectual capital and well-rounded personnel is critical to providing innovative solutions and, ultimately having positive results.
Sageblan Investments ™ focuses on the acquisition and management of real estate across all asset classes including hospitality, office, and multifamily. With an approach that is opportunistic yet selective, they are developing a portfolio of top performing assets in strategic markets.
Sageblan leverages their global network of personal and professional relationships, along with local expertise and on-the-ground presence, to identify opportunities, establish alliances with third parties and deploy capital intelligently. They are committed to sustained growth by developing strong relationships with strategically aligned partners.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
