Address: 1501-1701 Biscayne Boulevard
City, State: Miami, Florida
Property Type: Mixed Use
Year Built: 1978
Square Footage: 1,500,000 sqft
Acquisition Type: Senior Note A
Acquisition Date: May 2011
Anchors: 527-Room Hilton Hotel, Miami Art Institute, GSA

Tate Capital, Rok Acquisitions and The Related Group acquired the Note A position of the first mortgage secured by the OMNI Center and Hilton Downtown, a large mixed use property, located in Miami, Florida. The Tate/Rok/Related partnership secured a $75 million debt component from an institutional lender to acquire the Note A asset. The Omni property is located in the downtown neighborhood of Miami and consists of approximately 1.5 million square feet of office, hotel (an existing 527-room Hilton), vacant retail space, a 2,700 space parking garage and rights to develop 5,000 residential units. About 4 months after closing on Note A, an affiliate of The Genting Group purchased the junior Note B position and exercised their option to buy Note A at par value.