Real Estate

Ugo Columbo’s CMC Secures $69.9M Refinancing for 90% Occupied Coral Gables Complex

CMC Group secures $69.9M refinancing for 4000 Ponce, a 90% occupied Coral Gables mixed-use complex.

By Doug Elli

7/10, 15:38 EDT

Key Takeaway

  • Ugo Columbo’s CMC Group secured a $69.9M refinancing from City National Bank of Florida for its Coral Gables mixed-use complex, 4000 Ponce.
  • The 4000 Ponce complex, anchored by The Collection exotic car dealership, is 90% occupied with tenants like Steinway & Sons and Coldwell Banker.
  • CMC's recent activities include a $239M construction loan for Vita at Grove Isle and a partnership with Fort Partners on Four Seasons Private Residences in Coconut Grove.

CMC Group Secures Major Refinancing

Ugo Columbo’s CMC Group has successfully secured a $69.9 million refinancing deal for its Coral Gables mixed-use complex, 4000 Ponce, which is anchored by The Collection exotic car dealership. This significant financial move, facilitated by City National Bank of Florida, underscores the ongoing vitality and strategic importance of mixed-use developments in prime locations. The five-year, floating-rate loan was arranged by a JLL team led by Paul Stasaitis and Paul Adams, highlighting the collaborative efforts behind this substantial refinancing.

Details of the Refinancing Deal

The 4000 Ponce complex, completed in 2001, is a Mediterranean-style, nine-story building that includes 150,000 square feet of office space and 32,000 square feet of ground-floor retail. The complex is currently 90 percent occupied, with notable tenants such as Steinway & Sons, Coldwell Banker, and Hemisphere Media Group. The Collection, co-owned by Columbo, is a key retail tenant, offering luxury car brands like Ferrari and Porsche. This refinancing deal not only provides financial stability but also positions the complex for continued success in a competitive market.

Broader Market Dynamics

The refinancing of 4000 Ponce is part of a broader trend in the South Florida real estate market, where mixed-use developments are increasingly popular. This trend is driven by the demand for integrated living, working, and shopping environments. The success of CMC Group’s projects, including the recent $239 million construction loan for Vita at Grove Isle, reflects the strong investor confidence in the region’s real estate market. Additionally, the Magellan Development Group’s $147.7 million refinancing for Gio Midtown in Miami further illustrates the robust activity in the mixed-use sector.

Strategic Implications for Real Estate

The strategic refinancing of 4000 Ponce by CMC Group highlights the importance of securing favorable financial terms to support long-term project viability. This move is indicative of a broader strategy among developers to leverage refinancing opportunities to enhance liquidity and fund future developments. The involvement of prominent financial institutions and real estate firms in these deals underscores the confidence in the market’s growth potential. As mixed-use developments continue to thrive, they play a crucial role in shaping the urban landscape and meeting the evolving needs of residents and businesses.