Wells Fargo supplies $133M refi for Miami-Dade industrial campus
Wells Fargo, the massive bank, just pumped $133 million into South Florida real estate.
The short version
- LBA Realty used the cash to refinance its huge Miami-Dade warehouse campus.
- The bank boosted an old 2022 loan by a staggering $83 million.
- The sprawling 37-acre property sits right near the Dolphin Mall.
Check the property records in Florida this week because the big banks are moving serious money. Wells Fargo, the massive bank, just provided a $133 million refinancing package for a sprawling industrial campus near the edge of Miami-Dade County, according to Commercial Observer.
The massive financial deal backs the Dolphin Commerce Center, a 37-acre property featuring five large warehouses in Sweetwater, about a mile north of the Dolphin Mall. Wells Fargo increased a 2022 loan that had $50 million of outstanding debt by a staggering $83 million.
LBA Realty, an Irvine, California-based real estate firm that bought the campus in 2022 for $198 million, secured the massive new capital. The 709,480-square-foot property features warehouses with clear heights ranging between 24 and 28 feet. About 36,000 square feet of warehouse space still remains available for tenants on the firm's website.
The firm also owns one other industrial property in South Florida, a smaller 37,909-square-foot warehouse in Weston that it purchased for $9 million in 2020. A representative for LBA Realty did not immediately respond to a request for comment on the huge financing deal.
For anyone holding commercial property right now, the banks are still ready to write massive checks if the location is right.
