Miami-based real estate development firm CMC Group has obtained a $69.9 million loan from City National Bank of Florida (CNB) for the refinancing of 4000 Ponce/The Collection, a nine-story Class-A mixed-use office and retail development in Coral Gables. Developed by CMC Group Founder Ugo Colombo in 2002, the Mediterranean-style building is also home to The Collection, a luxury car dealership featuring brands such as Ferrari, Aston Martin, and Porsche. The property is located at the intersection of Ponce de Leon Boulevard and Bird Road and includes 150,000 square feet of Class A office space and 32,000 square feet of ground-floor retail. It is over 90% leased to tenants, including Steinway & Sons, Coldwell Banker, and Hemisphere Media Group.
4000 Ponce/The Collection. Photo Credit: CMC Group.
“Our ability to secure this refinancing for 4000 Ponce is a testament to the building’s enduring value and strategic significance in the Coral Gables market,” said developer Ugo Colombo, Founder of CMC Group. “As the anchor of Coral Gables’ Southern Business District, 4000 Ponce not only boasts a premier walkable setting adjacent to The Shops at Merrick Park, but also a top-tier tenant roster including The Collection’s flagship location, which has called the building home for more than 20 years. With this refinancing, 4000 Ponce continues to set the standard for being one of the most prestigious business addresses in Miami, reinforcing its position as a cornerstone of sophistication and quality in the market.”
4000 Ponce/The Collection. Photo Credit: CMC Group.
JLL Capital Markets assisted CMC Group in securing the five-year, floating-rate senior loan through City National Bank of Florida. The JLL team was led by Senior Managing Director Paul Stasaitis, Associate Paul Adams, and Analyst Nicole Barba, with legal representation by Jim Shindell and Hannah Lidicker of Bilzin Sumberg.
4000 Ponce/The Collection. Photo Credit: CMC Group.
“This debt placement demonstrates that lenders highly value the fundamentals, such as a location that has blossomed into an upscale live, work, play urban neighborhood with convenient access to transit. But more importantly, the sponsor has demonstrated a long history of successful office occupancy and an operating business that leads in its industry space. We are experiencing the emergence of astute lenders who recognize that our local office markets are different than national themes and that every asset should be viewed singularly on its merits,” said Paul Stasaitis.
4000 Ponce/The Collection. Photo Credit: CMC Group.
“CMC Group has been one of Florida’s most prolific real estate firms for more than 30 years, and 4000 Ponce has been a centerpiece of commercial activity in Coral Gables since its development. Our decision to finance the asset aligned closely with our dual focus on relationship banking and providing capital to clients that are fueling Florida’s real estate market, which is among the nation’s strongest,” according to Gary Fitzgerald, Executive Vice President and Real Estate Banking Executive at City National Bank of Florida.
4000 Ponce/The Collection. Photo Credit: CMC Group.
Built in 2002, 4000 Ponce features a grand lobby with marble, Venetian stucco, cherry millwork, and bronze accents, as well as Mediterranean-style architecture. Each office floor offers approximately 30,000 rentable square feet with flexible floor plans. The building includes advanced broadband communications, high-speed internet, data network services, and ample on-site parking.
The property is adjacent to executive housing and The Shops at Merrick Park. Tenants benefit from the Coral Gables trolley service, the nearby MetroRail station, and the proximity of US-1 and Miami International Airport.
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