Original Article: https://therealdeal.com/miami/2019/11/07/developer-snags-12m-loan-for-co-working-project-in-coral-gables/
Location Ventures snagged a $12 million construction loan for its Coral Gables co-working project.
Location Ventures secured the loan from BGI Capital to renovate the ground floor of the 52,719-square-foot building into a new co-working concept known as Forum, according to a release. The building sits at 299 Alhambra Circle in the heart of Coral Gables business district near Miracle Mile. The bridge loan has a 24-month term.
The deal was brokered by Jason Shapiro of Miami-based Aztec Group.
The Coral Gables office building will be the first location for the co-working platform. It will include individual desks, offices, conference rooms and common areas available for monthly subscriptions. The renovations are expected to be completed within four to five months, according to a release.
Coconut Grove-based Location Ventures, led by Rishi Kapoor, purchased the property for $12.5 million in 2018, records show.
Location Ventures also has plans for a $50 million co-living project at 1234 to 1260 Washington Avenue in Miami Beach. The company is also planning to redevelop a four-story building and an adjacent commercial building at 3138 and 3120 Commodore Plaza in Coconut Grove. The project will be converted into co-working with a food and retail market.
Co-working companies are trying to capitalize on the demise of WeWork, accounted for 69 percent of all flex office leasing activity in the U.S. in the third quarter, according to a recent report by CBRE.