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Sponsors Taubco and Landau Properties are planning to building a trophy office on Bay Harbor Island.
The developer, Terra, will use the financing for the first phase of a $1bn mixed-use community in South Florida.
Bank regulatory requirements and borrower tax implications are preventing resolution for stressed loans.
The firm sees a clear opportunity to expand its platform as banks scale back their commercial real estate lending platforms.
The project, being developed by Ascendant Capital Partners, is in the city’s West Village submarket.
The firm raised approximately $1.2bn for CRED III, which is already over 40% deployed.
The US national debt is a macroeconomic issue, one that may not touch the lives of commercial real estate lenders and borrowers on a day-to-day basis.
The index was at 24.46% in September, versus 24% in August and 23.71 percent in July.
ACORE Credit Partners II alone raised $1.4bn of capital in 2024.
The loan will be used for the first phase of a 380,000-square-foot industrial park in Irvine, California.