OKO Group, Cain Lining Up $600M Loan For 830 Brickell
Cain International and OKO Group are looking to cash in again on 830 Brickell.
Goldman Sachs and JPMorgan Chase are looking to originate a roughly $600M loan for the 57-story, 640K SF trophy building as a potential standalone CMBS offering, Green Street reports.
The developers have been in the market for a $605M, floating-rate loan that could run five to seven years, Green Street reported.
Cain, led by CEO Jonathan Goldstein, and JPMorgan declined to comment on the deal. OKO Group, led by Russian-born billionaire Vlad Doronin, and Goldman Sachs didn’t respond to a request for comment.
The mortgage would be the second in as many years after London-based Cain and OKO Group landed a $565M senior loan from New York-based Tyko Capital before the tower’s completion last year, replacing the $347M construction loan from BDT & MSD Partners. The building also has a $184M mezzanine loan from insurer Security Benefit, according to Green Street.
The 724-foot 830 Brickell was among the first trophy office buildings to rise in Miami in a decade, going up at the peak of the pandemic-era corporate migration and landing several big-name tenants like Thoma Bravo, Microsoft and Kirkland & Ellis. Billionaire Ken Griffin’s Citadel leases 130K SF across eight floors while the hedge fund builds its $2.5B Miami headquarters.
The office tower, which features a sky lobby, a gym and a $25K private club on the 54th and 55th floors, is 100% leased and open after years of construction delays. It set multiple Miami rent records after initially asking for $70 per SF when construction began in 2018 — Brazilian lender Banco Master paid nearly $200 per SF for its 27K SF on the 44th and 45th floors, according to CoStar.
The deal adds to a string of massive loans handed out in Miami this week.
On Monday, Ytech announced it landed a $565M construction loan from JPMorgan Chase and Sculptor Real Estate for the 70-story Residences at 1428 Brickell tower. Less than 24 hours later, New York-based Namdar Group landed a $460M loan from Scale Lending for two 43-story multifamily towers in Downtown Miami.
Dezer Development piled on, announcing a $630M construction loan from Madison Realty Capital on Wednesday for the 62-story Bentley Residences in Sunny Isles Beach.
