Greystone Seals $420M Miami Mixed-Use Refi

Florida East Coast Realty’s tower is the tallest building in the Sunshine State.

Panorama Tower in Miami is over 850 feet tall. Image courtesy of Greystone

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.

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