Banyan Street Capital and Independencia Asset Management have secured a $53.5 million refinancing loan for Doral Center, a two-building office complex at the intersection of Doral Boulevard and NW 87th Avenue in Doral. CBRE arranged the financing, with a team led by Amy Julian and Andrew Chilgren sourcing the new loan from Wells Fargo.
The refinancing follows a $15.5 million capital investment initiative that repositioned the complex as a Class A office destination. Ownership implemented a broad slate of upgrades across the property, targeting both functionality and tenant experience to improve the complex's competitiveness in the local office market.
Recent work at Doral Center has included construction of a new parking structure designed to improve on-site access and capacity for tenants and visitors. The elevators across the two-building complex have been fully modernized, and the property's building lobbies have been updated to align with contemporary Class A standards.
Common areas and exterior facades have also been refreshed as part of the capital program, enhancing both the interior environment and the property's street presence along Doral Boulevard and NW 87th Avenue. In addition, the owners have invested in high-quality tenant improvements and a series of move-in ready speculative suites intended to support leasing velocity and accommodate tenants seeking efficient occupancy timelines.
According to CBRE's Amy Julian, the scope of the capital improvements has significantly upgraded Doral Center and repositioned it as a premier workplace environment. The investment program and leasing strategy appear to have had a tangible impact on occupancy at the complex.
Banyan Street Capital and Independencia Asset Management acquired the two-building property in 2021, when Doral Center was 30% leased. Since that time, the ownership team has driven leasing to 85%, supported by the property's physical transformation and the addition of move-in ready space. The strong improvement in occupancy coincides with the execution of the new refinancing.
In addition to the stabilized existing space, Banyan Street Capital is marketing a build-to-suit opportunity of up to 60,000 square feet in the center of the office park. The offering provides room for a future tenant to secure customized space within the broader Doral Center campus, complementing the repositioned Class A environment created by the recent capital upgrades and reinforcing the property's role as a multi-building office destination in Doral.
