1100 Biscayne Blvd., Miami
MIAMI—New York City-based Terra Capital Partners has once again provided financing for CGI Merchant Group and its 1100 Biscayne Blvd. mixed-use project here.
Terra Capital has provided Miami-based alternative investment management firm CGI Merchant Group with a $57-million bridge loan to facilitate the recapitalization of the mixed-use property and what the ownership terms as a “ramp up” of a newly flagged hotel at the property. The financing follows the conversion of a mezzanine loan originated by Terra Capital in 2015 into a first mortgage.
The property includes a 129-room luxury hotel that recently joined the Hilton Curio Collection. Evolution Hospitality, the lifestyle brand subsidiary of Aimbridge Hospitality, will manage the hotel.
The hotel was formerly operated as a flagship property of Meliá Hotels International, according to the Commercial Observer. Previously, a smaller 56-unit Casa Moderna boutique hotel operated at the property.
CGI acquired the hotel component of the Miami high-rise in 2014.
In addition, the property includes newly opened meze-style restaurant Cvltvra, a 155-space parking garage and two wallscapes with frontage to I-395. The property is centrally located with close proximity to the Adrienne Arsht Center for Performing Arts, American Airlines Arena, the Miami Worldcenter development, Pérez Art Museum and the Phillip and Patricia Frost Museum of Science.
The property also includes the Marquis Miami condominiums located on the upper floors of the 67-story tower.
Raoul Thomas, founder and CEO of CGI, says of the financing deal, “We are confident that this additional capital will enable us to accelerate the ramp-up of the hotel and position the property for long-term growth and success. We are grateful to Terra for their partnership, speed and flexibility, which allowed us to get to this successful outcome and, ultimately, make this recapitalization possible.”
“We are pleased to have collaborated with CGI on the recapitalization of this exceptionally located property,” states Vik Uppal, CEO of Terra Capital Partners. “This bridge loan illustrates Terra’s broadened investment strategy and the expansion of our participation throughout the capital structure.
Earlier this year, Terra Capital also provided bridge financing to another Southeast property. Terra provided a $23.9-million bridge loan to Ferncroft Capital, a Charlotte, NC-based, boutique private real estate investment firm to help facilitate the acquisition of an office property and parking deck in the Uptown neighborhood of Charlotte. Holliday Fenoglio Fowler, L.P. brokered the bridge loan.
The property includes a 65,000-square-foot office building on South Tryon Street, as well as a parking deck with more than 220 spaces, facing South Church Street at West Martin Luther King, Jr. Blvd. The recently renovated office building has had strong historical occupancy and is fully occupied.
1100 Biscayne Blvd., Miami