Marquis Bank provides $8.5 million in financing
for North Kendall Drive property
MIAMI – July 18, 2016 – Marquis Bank announced the closing of an $8.5 million acquisition loan for Kendall Drive Joint Venture and 7300 Kendall Drive LLC to finance the purchase of a 118,745-square-foot office building and adjacent parking lot at 7300 North Kendall Drive in Miami.
The managing partners of Kendall Drive Joint Venture and 7300 Kendall Drive LLC are real estate developers Kenny and Jimmy Tate. The Tates acquired the property that was developed in the early 1970s by their father and veteran real estate developer Stanley Tate.
The property, which fronts North Kendall Drive to the north and Dadeland Boulevard to the east, includes more than 2.7 acres of land and an 8-story retail and commercial office building.
“Marquis Bank stepped forward quickly to help us close this complicated transaction on a timely basis,” Kenny Tate said. “Although the structure of the purchase was complex, due to the number of parties involved and their different ownership structures, Marquis worked closely with us and our counsel throughout the process to understand the deal and offered us a program that worked for both lender and borrower.”
“The Tates’ plan is to transform the property into a vibrant mixed-use space to complement the existing businesses in the Downtown Dadeland area, and we are pleased to assist them with this project,” says David DiMuro, executive vice president and senior lending officer at Marquis Bank.
About Marquis Bank
Marquis Bank, with over $400 million in assets, is a full-service community bank dedicated to serving business owners, professionals and investors. Marquis has successfully blended convenient state-of-the-art technology with personal attention to create an exceptional banking experience for its clients. For more information, please call 305.443.2922 or visit www.MarquisBank.com.