Weda Developers has secured a refinancing package for a 128,609-square-foot office building in Coral Gables, reinforcing lender appetite for stabilized assets in this submarket. The property, known as 999 Ponce de Leon, is an 11-story renovated office building that is currently 84.1% leased, providing an income-producing foundation for the new financing.
Cushman & Wakefield arranged the refinancing on behalf of Weda Developers. The Cushman & Wakefield team of Jason Hochman and Ron Granite represented Weda in the transaction and identified Lake Michigan Credit Union as the lender. The resulting loan totals $12,500,000, giving the owner a refreshed capital structure on the asset while maintaining its existing operational profile.
999 Ponce de Leon offers a mix of modernized office space and tenant-focused amenities. The building is supported by structured parking and includes an on-site café and conference center, aligning with the needs of multi-tenant office users. The property also features electric vehicle charging stations, responding to evolving tenant and user expectations, and benefits from visibility along the well-known Ponce de Leon Boulevard.
The building’s location provides additional connectivity advantages. It sits near key area thoroughfares including SW 8th Street, U.S. 1 and Le Jeune Road, giving tenants and visitors multiple options for regional access. This combination of visibility and transportation linkages reinforces the property’s positioning within the Coral Gables office market.
Weda Developers has owned 999 Ponce de Leon since 2005. Over the course of its ownership, the firm has implemented a series of building improvements to keep the asset competitive. Weda launched a spec suite program and upgraded every suite to achieve a more contemporary look and feel aimed at current office users.
Beyond individual suite upgrades, Weda also carried out broader common-area enhancements. Corridors were revamped, LED lighting upgrades were installed in common areas, and building systems were refreshed. These capital improvements have been layered onto the property over time, complementing the new refinancing and helping to support the current occupancy level. With the refinanced loan now in place and prior modernization initiatives completed, Weda continues to position 999 Ponce de Leon as a renovated, amenitized option within the Coral Gables office landscape.
