Miami-based luxury real estate development firm CMC Group has secured a $69.9 million loan from City National Bank of Florida (CNB) for the refinancing of 4000 Ponce / The Collection, a nine-story Class-A mixed use office and retail development in the heart of Miami’s elite Coral Gables neighborhood. Developed by veteran developer and CMC Group Founder Ugo Colombo in 2002, the Mediterranean-style building also is home to The Collection, one of the most successful luxury car dealerships in the United States, with brands including Ferrari, Aston Martin, Porsche, Maserati, Alfa Romeo, McLaren and Audi. Located at the confluence of Ponce de Leon Boulevard and Bird Road in Coral Gables, 4000 Ponce features 150,000 SF of Class A office space and 32,000 SF of prime ground-floor retail. The building is more than 90% leased to tenants including Steinway & Sons, Coldwell Banker, Hemisphere Media Group, Korn Ferry, Evensky & Katz, Pure Barre and Jetset Pilates.
“Our ability to secure this refinancing for 4000 Ponce is a testament to the building’s enduring value and strategic significance in the Coral Gables market,” said developer Ugo Colombo, Founder of CMC Group. “As the anchor of Coral Gables’ Southern Business District, 4000 Ponce not only boasts a premier walkable setting adjacent to The Shops at Merrick Park, but also a top-tier tenant roster including The Collection’s flagship location, which has called the building home for more than 20 years. With this refinancing, 4000 Ponce continues to set the standard for being one of the most prestigious business addresses in Miami, reinforcing its position as a cornerstone of sophistication and quality in the market.”
JLL Capital Markets worked on behalf of the borrower, CMC Group, to secure the five-year, floating-rate senior loan through City National Bank of Florida (CNB) Senior Vice President and Real Estate Banking Executive Karen Richardson. The JLL Capital Markets Debt Advisory team representing CMC Group was led by Senior Managing Director Paul Stasaitis, Associate Paul Adams, and Analyst Nicole Barba. Jim Shindell and Hannah Lidicker of Bilzin Sumberg represented CMC Group.
“This debt placement demonstrates that lenders highly value the fundamentals, such as a location that has blossomed into an upscale live, work, play urban neighborhood with convenient access to transit. But more importantly, the sponsor has demonstrated a long history of successful office occupancy and an operating business that leads in its industry space. We are experiencing the emergence of astute lenders who recognize that our local office markets are different than national themes and that every asset should be viewed singularly on its merits,” said Paul Stasaitis.
“CMC Group has been one of Florida’s most prolific real estate firms for more than 30 years, and 4000 Ponce has been a centerpiece of commercial activity in Coral Gables since its development. Our decision to finance the asset aligned closely with our dual focus on relationship banking and providing capital to clients that are fueling Florida’s real estate market, which is among the nation’s strongest,” according to Gary Fitzgerald, Executive Vice President and Real Estate Banking Executive at City National Bank of Florida.
Developed in 2002, 4000 Ponce offer a grand lobby, common areas and elevators enhanced by marble, Venetian stucco, cherry millwork, and bronze, while its exterior stands out for the iconic Mediterranean-style architecture that distinguishes ‘The City Beautiful.’ Each floor of office space contains approximately 30,000 rentable square feet, with flexible floor plans for both full-floor users and multi-tenant use. The smart building is equipped with the latest systems for fully-integrated broadband communications service, high-speed internet and data network service, and features ample on-site parking in an attached garage with a ratio of three spaces per 1000 SF, with a special visitor parking area on the mezzanine level.
4000 Ponce is surrounded by an abundance of executive housing and is adjacent to The Shops at Merrick Park, one of the South Florida’s most coveted shopping districts. Tenants enjoy the frequent service of the Coral Gables trolley which stops in front of the building and provides access to Miracle Mile, as well as the nearby MetroRail station. The property is also within walking distance from US-1 and is approximately 20 minutes away from Miami International Airport.
CMC Group’s South Florida development portfolio includes luxury residential towers including Bristol Tower, Santa Maria, Epic Residences and Hotel, Grovenor House, Porto Vita and Brickell Flatiron. CMC Group’s most recent developments include Onda Residences, which is delivering this Summer in Miami’s Bay Harbor Islands; Vita at Grove Isle, an ultra-luxury boutique condominium under construction on the private island of Grove Isle in Miami’s Coconut Grove neighborhood; and the newly unveiled Four Seasons Private Residences, also in Miami’s Coconut Grove.
