CBRE and The Green Companies Secure $14.1M Refinancing for Dadeland West Office Park in Miami

The Green Companies alongside CBRE Capital Markets’ Debt & Structured Finance group secured a $14.1 million loan for the refinancing of Dadeland West Office Park, a six-building office collection in Miami. The 111,018-square-foot property is 98% leased.

The Green Companies, a 60-year-old, Miami-based development company, has owned the property since its development. The Green Companies team was led by its President, James Bernstein, and its managing principal, Elizabeth Green.

CBRE’s Senior Vice President Amy Julian and First Vice President Andrew Chilgren represented The Green Companies in the transaction. Wells Fargo originated the loan.

Dadeland West Office Park has proven exceptionally resilient, having maintained a 97% average occupancy rate since the beginning of 2020. The Green Companies has executed $2.1 million in capital improvements since the beginning of 2019, including exterior improvements, lobby renovations, elevator modernizations, and high-quality tenant buildouts.

The property sits in the Dadeland micro-market of Miami’s Kendall submarket. The submarket vacancy rate sits at 6.7%. Rents in Kendall have grown 47% since the start of 2013 after 10+ years of consecutive growth.

The Dadeland micro-market is one of the most amenitized suburban areas in South Florida with four large retail centers all within a three-mile radius of the property. These outlets offer over 200 retailers and more than 70 food and beverage options within a five-minute drive.