RFR Secures $101M Refinancing for Downtown Miami Office Tower

RFR has closed a $101 million loan to refinance 100 Biscayne, a Downtown Miami office building it acquired in January 2022 for $90 million. Derby Lane Partners and Axonic Capital provided the financing, and Newmark arranged the transaction.

Since buying the property, RFR has leased roughly 248,000 square feet, raising occupancy from below 60 percent to about 90 percent, according to the company. The 317,000-square-foot building sits across from Bayfront Park and is marketed as the only Class A boutique waterfront office building in the central business district.

Tenants include LVMH, Luxottica, architecture firm Zyscovich, engineering firm DeSimone, AT&T, Verizon and Windstream, along with several data center companies and consulates. RFR says some tenants remain on leases priced below current market rents, which it views as a source of future rent growth.

RFR's principal Gaby Rosen said the company remains confident in the Downtown Miami office market and plans to hold the asset long term. Derby Lane's founder Adam Piekarski cited the building's waterfront location and floor plates as drivers of demand. Axonic declined to comment.

For owners and lenders, the deal shows continued financing appetite for well-leased, repositioned office assets in Downtown Miami, where leasing progress can support refinancing even after a value-add hold period.