CBRE Capital Markets’ Debt & Structured Finance originated $71.57 million in financing for an office property portfolio encompassing 330,438 square feet at two of the most recognizable buildings in Boca Raton. The Boca Glades Portfolio includes two Class A institutional-quality office buildings: The Plaza, located at 5355 Town Center Road, and One Town Center, located at 1 Town Center Road.
Charles J. Foschini, Christian Lee and Christopher Apone of CBRE’s Miami office arranged the bridge loan on behalf of the borrower, Crocker Partners of Boca Raton. Mesa West Capital, LLC, provided the three-and-a-half-year, interest-only loan at a floating rate.
“Mesa West became very excited about the loan opportunity during our sales marketing process and proactively provided a quote prior to the selection of the buyer,” said Mr. Foschini. “As a value-add lender, they saw tremendous potential to reposition the asset and, in the right hands, create leasing momentum that would contribute measurably to the future investment reward of the property. As a buyer, Crocker was impressed with Mesa West’s ability to understand the market, provide competitive terms that allowed for the leasing and sale of both buildings, and a flexible release of the extra land collateral, which is something less entrepreneurial lenders were not able to do.”
Among the area’s tallest and most recognizable buildings at 11 stories, The Plaza was built in 1986; One Town Center was completed in 1990 and is 10 stories tall. Both soar over the submarket’s competitive set with excellent visibility and tremendous views. The multitenant buildings also feature an excellent physical plant benefiting from more than $8 million in capital improvements in recent years. Additionally, the portfolio’s exceptional amenity base includes some of Boca Raton’s most noteworthy dining options and adjacency to the luxury super-regional mall, Town Center at Boca Raton.
The portfolio was acquired by Crocker Partners from MetLife Real Estate Investors of Atlanta, Georgia in December. A CBRE team that included Christian Lee, José Lobón, Michael Erickson, Mr. Foschini and Mr. Apone represented the seller.
Source: Real Estate Rama