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South Florida Capital Markets

PRU Grabs Hefty Loan For Miami Tower

For Prudential Real Estate Investors, its $83M bet on a Coral Gables office tower has given it access to more than $40M in debt.

Prudential netted a $45.4M mortgage backed by 355 Alhambra, the 16-story, 493k SF office tower it bought last year for $83M from AEW Capital Management. JPMorgan Chase Bank drafted the loan, with PRU granted an option to draw up to nearly $91M on it in the future, according to The Real Deal.

Tenants in the tower include Merrill Lynch, Moore & Co and Spencer Stuart. [TRD]

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