Calmwater Capital, a Los Angeles-based provider of commercial real estate debt, has provided a $34.67 million loan to Security Building AR Owner LLC to fund the acquisition, tenant improvements and lease up of downtown Miami's historic Security Building.
The Security Building, also known as the Capital Lofts Building, is a famous 16-story landmark located in Miami's financial district. Originally built in 1926, it was converted into 60 condominium units in 2007.
Calmwater Capital says that New York-based WeWork, a provider of innovative communal office design, will lease the building and convert the existing residential units into office space.
‘The office sector is undergoing a radical evolution, and companies like WeWork are leading the revitalization to rethink the definition of office space,’ says Larry Grantham, portfolio manager of Calmwater Capital. ‘This loan will fund an innovative project that brings the next phase in creative office space to Miami.’