MIAMI, FL – March 19, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $23 million refinancing of Fifth and Lenox, a landmark, five-story office building totaling 43,500 square feet in Miami Beach, Florida.
The HFF team worked on behalf of the borrower, an affiliated entity related to Goddard Investment Group, to secure the floating-rate loan through Granite Point Mortgage Trust Inc., a publicly-traded mortgage REIT externally managed by an affiliate of Pine River Capital Management LP, that focuses primarily on directly originating, investing in and managing senior floating-rate commercial mortgage loans and other debt and debt-like commercial real estate investments.
WeWork occupies the entire Fifth and Lenox facility on a triple net basis through 2031. Amenities specific to WeWork space include common lounge areas, soundproof phone booths, conference rooms, printing stations, a micro-roasted coffee bar with baristas and a dog-friendly workspace. The property is located at 429 Lenox Avenue across from the South Beach Marina and proximate to the MacArthur Causeway providing access into downtown Miami.
The HFF debt placement team consisted of senior managing director Paul Stasaitis and director Maxx Carney.
“This was an excellent execution by a creative capital source for a best-in-class borrower and a marquee asset in one of Miami Beach’s most affluent neighborhoods,” said Carney.
About Goddard Investment Group
Goddard Investment Group was founded in 2000 and is headquartered in Atlanta, with a regional office in Dallas. The company has acquired and managed approximately 12 million square feet of commercial property, and currently has investments in Atlanta, Dallas, Denver, Miami, Washington DC and Houston and Tampa. Goddard Value-Add Office Fund I, L.P. is a discretionary, commingled, institutional fund sponsored by Goddard Investment Group.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
HFF Senior Managing Director
HFF Director, Public Relations