|Address:||1501-1701 Biscayne Boulevard|
|City, State:||Miami, Florida|
|Property Type:||Mixed Use|
|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.