Ray Cleeman, Pensam Funding principal and head of capital markets in Miami. Courtesy photo.Pensam Issues $30M Loan for Mixed-Use Building in Miami's Design District
The Design 41 office-retail building was completed last year, and part of the loan pays off the original debt.
November 05, 2019 at 12:19 PM
2 minute read
A new Miami retail-office building with floor-to-ceiling windows on some floors got a $30 million loan to help repay debt and prepare space for new tenants.
The seven-story Design 41 was completed last year, becoming the latest addition to the edgy Design District known for its art and high-end retailers.
Pensam Capital LLC affiliate Pensam Funding issued the loan to building developer and owner Design District Development Partners LLC, led by Benjamin Norton, on Aug. 27.
Pensam Capital is a Miami-based alternative investment and asset management company with several affiliates focusing on U.S. commercial and residential ventures, according to its LinkedIn page. Pensam Funding is a lender, and Pensam Residential has a multifamily portfolio of 35,000 units.
The Design 41 loan illustrates Pensam's role in the region.
"This loan is representative of our focus on supporting local real estate sponsors in South Florida, and our ability to create uniquely flexible financing solutions across all asset types that meet our client's needs," Ray Cleeman, Pensam Funding principal and head of capital markets, said in a news release.
The bridge loan will help pay off a $28 million loan and build out some of the tenant units. Terms were not disclosed.
The 48,000-square-foot Design 41 is west of the Florida East Coast Railway tracks on the southeast corner of Northeast 41st Street and First Avenue at 112 NE 41st St.
By the end of October, the retail occupancy was 58% with three signed tenants, and office occupancy was 68% with four signed tenants. Office space is available on the fourth floor and part of the fifth floor. The offices have access to balconies and terraces.
Some of the ground-floor retail tenants are Bond No. 9 fragrance store and Miami-based art dealer Inigo Philbrick. Upper-floor tenants include couture wedding dress and luxury apparel retailer Galia Lahav and an office for New York-based investment company HPS Investment Partners LLC.
"This is a trophy asset with tremendous upside potential located in one of the most desirable neighborhoods in Miami," Cleeman said.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
NOT FOR REPRINT
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
You Might Like
View All
How Much Coverage Do You Really Have? Valuation and Loss Settlement Provisions in Commercial Property Policies
10 minute read
The Importance of 'Speaking Up' Regarding Lease Renewal Deadlines for Commercial Tenants and Landlords
6 minute read
Meet the Attorneys—and Little Known Law—Behind $20M Miami Dispute
Trending Stories
- 1Gibson Dunn Sued By Crypto Client After Lateral Hire Causes Conflict of Interest
- 2Trump's Solicitor General Expected to 'Flip' Prelogar's Positions at Supreme Court
- 3Pharmacy Lawyers See Promise in NY Regulator's Curbs on PBM Industry
- 4Outgoing USPTO Director Kathi Vidal: ‘We All Want the Country to Be in a Better Place’
- 5Supreme Court Will Review Constitutionality Of FCC's Universal Service Fund
Who Got The Work
Michael G. Bongiorno, Andrew Scott Dulberg and Elizabeth E. Driscoll from Wilmer Cutler Pickering Hale and Dorr have stepped in to represent Symbotic Inc., an A.I.-enabled technology platform that focuses on increasing supply chain efficiency, and other defendants in a pending shareholder derivative lawsuit. The case, filed Oct. 2 in Massachusetts District Court by the Brown Law Firm on behalf of Stephen Austen, accuses certain officers and directors of misleading investors in regard to Symbotic's potential for margin growth by failing to disclose that the company was not equipped to timely deploy its systems or manage expenses through project delays. The case, assigned to U.S. District Judge Nathaniel M. Gorton, is 1:24-cv-12522, Austen v. Cohen et al.
Who Got The Work
Edmund Polubinski and Marie Killmond of Davis Polk & Wardwell have entered appearances for data platform software development company MongoDB and other defendants in a pending shareholder derivative lawsuit. The action, filed Oct. 7 in New York Southern District Court by the Brown Law Firm, accuses the company's directors and/or officers of falsely expressing confidence in the company’s restructuring of its sales incentive plan and downplaying the severity of decreases in its upfront commitments. The case is 1:24-cv-07594, Roy v. Ittycheria et al.
Who Got The Work
Amy O. Bruchs and Kurt F. Ellison of Michael Best & Friedrich have entered appearances for Epic Systems Corp. in a pending employment discrimination lawsuit. The suit was filed Sept. 7 in Wisconsin Western District Court by Levine Eisberner LLC and Siri & Glimstad on behalf of a project manager who claims that he was wrongfully terminated after applying for a religious exemption to the defendant's COVID-19 vaccine mandate. The case, assigned to U.S. Magistrate Judge Anita Marie Boor, is 3:24-cv-00630, Secker, Nathan v. Epic Systems Corporation.
Who Got The Work
David X. Sullivan, Thomas J. Finn and Gregory A. Hall from McCarter & English have entered appearances for Sunrun Installation Services in a pending civil rights lawsuit. The complaint was filed Sept. 4 in Connecticut District Court by attorney Robert M. Berke on behalf of former employee George Edward Steins, who was arrested and charged with employing an unregistered home improvement salesperson. The complaint alleges that had Sunrun informed the Connecticut Department of Consumer Protection that the plaintiff's employment had ended in 2017 and that he no longer held Sunrun's home improvement contractor license, he would not have been hit with charges, which were dismissed in May 2024. The case, assigned to U.S. District Judge Jeffrey A. Meyer, is 3:24-cv-01423, Steins v. Sunrun, Inc. et al.
Who Got The Work
Greenberg Traurig shareholder Joshua L. Raskin has entered an appearance for boohoo.com UK Ltd. in a pending patent infringement lawsuit. The suit, filed Sept. 3 in Texas Eastern District Court by Rozier Hardt McDonough on behalf of Alto Dynamics, asserts five patents related to an online shopping platform. The case, assigned to U.S. District Judge Rodney Gilstrap, is 2:24-cv-00719, Alto Dynamics, LLC v. boohoo.com UK Limited.
Featured Firms
Law Offices of Gary Martin Hays & Associates, P.C.
(470) 294-1674
Law Offices of Mark E. Salomone
(857) 444-6468
Smith & Hassler
(713) 739-1250
