Madison Realty Capital Lends $102M On Grove Hotel, Office Assets

\"\"CGI Merchant Group has nabbed a $101.9 million debt package to refinance two Miami properties, Commercial Observer has learned.

Madison Realty Capital provided the financing, which comprises a $66.4 million loan for CGI’s The Gabriel Miami luxury hotel, and a $35.5 million loan for its Class A office building at 3480 Main Street in the Coconut Grove neighborhood. Surya Capital Partners brokered the transaction.


“Miami continues to experience increased demand from tourists as well as businesses moving to South Florida,” Josh Zegen, managing principal and co-founder of Madison Realty Capital, said in a statement. “CGI Merchant Group has a strong pipeline of projects in the region, and we look forward to working with them again in the future.”


The Gabriel Miami, located at 1100 Biscayne Boulevard in downtown Miami, is a 129-key boutique under Hilton‘s Curio Collection brand with 14,440 square feet of restaurant space along Interstate 395. The hotel’s amenities include spa, sauna, fitness center, outdoor pool deck and event space. It is part of the 64-story Marquis Building of luxury condominiums overlooking Biscayne Bay.

The office building at 3480 Main Street was completed in 2020 and is designed by Arquitectonica. The property offers 44,685 rentable square feet of office space across five floors, 10,177 square feet of retail space, two restaurants and an outdoor roof deck. The retail and rooftop spaces are fully leased to Lebanese restaurant Amal.

Raoul Thomas, founder and CEO of Miami-based CGI Merchant Group, said, “We look forward to a continued relationship with Madison Realty Capital to execute on our hospitality and office development strategy in Miami.”


Source: Commercial Observer

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