Värde Partners Funds Bridge Loan for Coral Gables Class A Office Complex
MINNEAPOLIS – Värde Partners, a leading global alternative investment firm, today announced the closing of a refinancing loan for Columbus Center, a 263,000 square foot office and retail complex in Coral Gables, Florida.
The loan was provided to USAA Real Estate, which has owned the asset for three decades. Patrinely Group, the original developer of the property, recently took over as property manager and leasing director. Together, Patrinely Group and USAA Real Estate will utilize the loan proceeds to re-position the Class A, two-tower asset through strategic capital improvements, including renovating the building’s common areas and expanding on-site amenities, as well as bolstering leasing efforts.
“Värde continues to be a trusted provider of flexible capital with certainty of execution in the commercial real estate space. We are pleased to partner with USAA Real Estate supporting its business plan to enhance the value of this long-held property in a highly desirable area,” said Jon Miller, Managing Director at Värde.
Värde has more than 25 years of experience investing in real estate and credit markets. Through its commercial real estate lending program, Värde is a non-recourse, balance sheet lender targeting transitional, value-add and stabilized properties across the United States. The firm finances all major asset classes, plus mixed-use and self-storage.
About Värde Partners
Värde Partners is a leading global alternative investment firm with roots in credit and distressed. Founded in 1993, the firm has invested $75 billion since inception and manages more than $14 billion on behalf of a global investor base. The firm’s investments span corporate and traded credit, real estate and mortgages, private equity and direct lending. Värde employs more than 300 professionals worldwide with offices in Minneapolis, New York, London, Singapore and other cities in Asia and Europe. For more information, please visit www.varde.com.