Westside Capital Group has refinanced 2000 Ponce, a newly modernized boutique office building in downtown Coral Gables, Florida, securing new debt on a fully leased asset. The property sits in the Coral Gables office submarket and has undergone a repositioning effort since Westside acquired it in 2022, with upgrades aimed at attracting higher-caliber tenants.
The new financing totals $24.7 million and carries a five-year term. Crestline Investors provided the loan, which replaces a $20 million facility that Amerant Bank originated in 2024. The refinancing was completed with the building at 100% occupancy, underscoring tenant demand at the property following its recent improvements.
JLL's Capital Markets team arranged the debt on behalf of Westside Capital Group. The assignment was led by Jesse Wright, Matt McCormack, Joshua Odessky and Patrick Salata, who sourced the new loan and structured the refinancing to replace the prior Amerant Bank mortgage. The transaction extends the asset's debt maturity profile while increasing the loan size compared with the earlier financing.
2000 Ponce is an eight-story, 109,745-square-foot office property with a net leasable area of 49,044 square feet, incorporating both office space and ground floor retail. The building also includes a 105-space parking garage, providing on-site parking for tenants and visitors. As a boutique asset in downtown Coral Gables, it is positioned to serve a range of office users seeking a smaller-scale, modernized building in a walkable environment.
The property serves as the workplace for Westside Capital Group, the Hejl Foundation and other companies within the Westside portfolio. Since acquiring 2000 Ponce in 2022, Westside has executed a repositioning strategy to enhance its appeal, which has included modernizing the lobby, leasing up office suites, and adding new amenities and other improvements. These efforts contributed to reaching full occupancy ahead of the refinancing.
The combination of a stabilized rent roll, recent capital improvements and a new five-year loan from Crestline Investors positions 2000 Ponce as a fully leased, modernized office and retail asset in the Coral Gables market. The refinancing marks a further step in Westside's business plan for the property following its acquisition and subsequent repositioning.
