Vlad Doronin’s OKO Group and Cain International have secured a $630 million refinancing package for their 830 Brickell office tower.
This major refinancing comes despite a climate of elevated interest rates, reflecting the continued strength of lending in South Florida.
The new debt, led by Goldman Sachs and J.P. Morgan Chase, replaces the $565 million construction bridge loan that OKO and Cain obtained last year from Tyko Capital, according to a press release from the landlords.
The financing was brokered by a Newmark team headed by Adam Spies, with Nellie Camerik leading the Pillsbury Winthrop Shaw Pittman team representing the landlords.
Miami-based OKO and London-based Cain completed the 57-story 830 Brickell last year, delivering the first standalone office tower in Brickell in over a decade. The property is located at 830 Brickell Plaza in Miami.
According to the release, the tower is nearly fully leased.
830 Brickell benefited from strong office demand, with OKO and Cain, led by Jonathan Goldstein, developing the tower as numerous out-of-state companies relocated or expanded to South Florida. Many of these firms sought premium office spaces, such as those offered at 830 Brickell.
Major tenants at the tower include Microsoft; law firms Kirkland & Ellis and Sidley Austin; Corient (formerly CI Financial); Thoma Bravo; Marsh Insurance; and Santander Bank.
Ken Griffin’s Citadel and Citadel Securities have also leased temporary space at 830 Brickell as they prepare to move into their planned bayfront Brickell headquarters. Griffin, who moved his companies’ headquarters from Chicago to Miami in 2022, is planning a mixed-use $1 billion-plus tower at 1201 Brickell Bay Drive, 1221 Brickell Avenue, and 1250-1260 Brickell Bay Drive.
Over the past two years, South Florida has continued to attract significant financing, even as some lenders have become more cautious in response to higher interest rates.
Recently, Allen Morris Company, based in Coral Gables, and the Espinosa family secured $138.5 million to develop the mixed-use Ziggurat project at 3101 Grand Avenue in Coconut Grove. This development will feature a five-story, 100,000-square-foot office building and a three-story, 18-unit luxury condominium building with about 45,000 square feet of retail space.
Also this month, Edgardo Defortuna’s Fortune International Group and Manuel Grosskopf’s Château Group increased an existing Bank OZK loan to $418.3 million for the two-tower, 320-unit St. Regis Residences in Sunny Isles Beach at 18801 Collins Avenue.
Last month, Namdar Group secured $460 million in cross-collateralized bridge and construction loans for its nearly 1,400-unit, two-tower apartment project in downtown Miami. The financing consists of two $230 million loans: one for the 43-story, 680-unit tower at 55 Northeast Second Street, and the other for the 43-story, 714-unit tower at 50 Northeast Third Street. Both buildings are currently under construction.
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