FILE: The upper facade of 100 Biscayne, then known as New World Tower, photographed in July 2010. Photo: Marc Averette, “New World Tower 20100707,” via Wikimedia Commons, CC BY 3.0 (cropped).
RFR has secured $101 million to refinance 100 Biscayne, a Downtown Miami office tower where the owner says a multiyear leasing effort has lifted occupancy to roughly 90%.
Derby Lane Partners and Axonic Capital supplied the financing. Newmark arranged the transaction through Jordan Roeschlaub, Nick Scribani, Adam Spies and Josh King.
The refinancing follows RFR's January 2022 purchase of the property. It is a new loan on an existing holding, not a new acquisition or a disclosed sale valuation. The loan's interest rate, maturity and other financial terms were not disclosed in the transaction report.
Leasing gains underpin the financing
RFR says it has leased roughly 248,000 square feet since acquiring the building, increasing occupancy from below 60% to around 90%. Those figures describe the owner's reported performance, rather than an independent market appraisal.
The company is pursuing a long-term ownership strategy centered on the building's repositioning and tenant base. It also sees an opportunity to increase income as leases signed below current market levels turn over. That is the owner's investment outlook, not a guaranteed increase in future rents or property value.
Located across from Bayfront Park, the 30-story tower offers views of Biscayne Bay and floor plates of approximately 10,500 square feet, according to RFR's property description.
The reported tenant roster includes LVMH, Luxottica, architecture firm Zyscovich and engineering firm DeSimone, along with telecommunications companies, data-center users and consulates. That mix gives the building a broader range of users than a single-industry office property.
Waterfront location
RFR markets 100 Biscayne as a boutique office address in the city's central business district, with access to nearby commercial neighborhoods and Miami Beach. The financing amount is not a disclosed valuation of the building.
The refinancing gives the owner a new capital structure as it continues operating and leasing the property.
JBizNews Desk | Real Estate
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