News February 22, 2022
Madison Realty Capital Lends $102M on Miami Hotel, Office Assets
Commercial Observer reported that CGI Merchant Group has secured a $101.9 million debt package from Madison Realty Capital to refinance two Miami properties. The financing comprises a $66.4 million loan for CGI’s The Gabriel Miami luxury hotel, and a $33.5 million loan for its Class A office building at 3480 Main Street in the Coconut Grove neighborhood. The Gabriel Miami is a 129-key boutique hotel under Hilton‘s Curio Collection brand with 14,440 square feet of restaurant space along Interstate 395. The hotel’s amenities include spa, sauna, fitness center, outdoor pool deck and event space. The office building at 3480 Main Street was completed in 2020 and is designed by Arquitectonica. The property offers 44,685 rentable square feet of office space across five floors, 10,177 square feet of retail space, two restaurants and an outdoor roof deck.