Greystone Seals $420M Miami Mixed-Use Refi
Florida East Coast Realty’s tower is the tallest building in the Sunshine State.
Florida East Coast Realty has refinanced its 85-story, 869-foot-tall Panorama Tower in Miami. The company has landed a $419.6 million financing package for the Class A mixed-use development, which is Florida’s tallest skyscraper. Greystone Commercial Capital arranged the financing.
Located at 1100 Brickell Bay Drive, the tower offers 821 multifamily residences, 112,731 feet of Class A office space, 25,219 square feet of retail space, a 2,000-space private parking garage and an attached 19-story, 208-room Hyatt Centric Hotel.
GCC is a division of Greystone focusing on structured commercial mortgages for institutional clients across all major property types. The transaction consisted of a $334.6 million Freddie Mac Optigo senior loan funded by Greystone Servicing Co. that carries a five-year term and a 35-year amortization, combined with $85 million of agency-compliant subordinate debt. The five-year $85 million mezzanine loan is held by a joint venture between Harbor Group International and CPP Investments, according to Yardi Matrix data.
The refinancing replaced a $425 million loan originated by Wells Fargo Bank in 2019. That loan had a due date of Jan. 31, 2024, Yardi Matrix reported. Wells Fargo had also provided an earlier $25 million modified construction loan in 2013.
Towering amenities
Completed in 2019, Panorama Tower has a residential mix of one-, two- and three-bedroom floorplans ranging in size from 1,238 square feet to 2,465 square feet, with an average of 1,478 square feet. Rents range from $4,394 to $7,060 with an average of $5,405, according to Yardi Matrix data. All units have washers and dryers, as well as private balconies or patios.
Community amenities include a fitness center, business center, clubhouse, three swimming pools, a spa and a media room. The property’s rooftop pool and terrace have views of Biscayne Bay. Covered parking is available. The property has 2,000 parking spaces in a multi-level structure.
While Panorama Tower is currently Miami’s tallest tower, it won’t be for long. Property Markets Group is building the Waldorf Astoria Hotel & Residences Miami. That project, which broke ground in October 2022, will rise to 100 stories or 1,049 feet, upon completion in 2027. The super-tall hotel-branded property will have 360 condominiums and 205 hotel rooms.