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WeWork to Expand Footprint in Calmwater-Financed Miami Building

Just as tenants are settling into their Miami Beach digs (pictured), New York-based WeWork is expanding in the South Florida city. The co-working space provider will occupy the entire 96,575 SF Securities Building at 117 NE First Ave in downtown Miami. LA-based Calmwater Capital provided a $34.5M loan to purchase the condominium. The 60-unit residential property will be converted entirely to WeWork offices. Financing came in the form of an $18.2M short-term loan to acquire the first 55 condo units, and a $16.48M loan to cover the last five units, renovation and conversion. [CO]

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