CBRE Completes Boca Raton Office Refi
- Jul 03, 2018
CBRE has arranged a $7.8 million loan for the refinancing of 6800 Broken Sound Corporate Center, a 50,809-square-foot, boutique office building in Boca Raton, Fla. BankUnited provided the 7-year term loan to owner Marc Bell Real Estate.
Located at 6800 Broken Sound Parkway, the Class A property was built in 2004 and has undergone several major upgrades under the current ownership. The building fronts Clint Moore Road and is situated at the entrance of Park at Broken Sound—formerly Arvida Park of Commerce. The three-story asset is fully leased to a notable tenant base including TherapeuticsMD, a women’s healthcare product company.
The CBRE Debt & Structure team of Senior Vice President Paul Ahmed, Vice President Erin Efstathion and Financial Analyst Mackenzie Fry represented owner Marc Bell in the transaction. According to Yardi Matrix data, the new loan refinances a $6.2 million mortgage provided by Bank of America in July 2016.
“With more than one million in recent capital improvements, 6800 Broken Sound Parkway is a strong investment. This is definitely a great loan structure that allowed for a long-term hold which complements our client’s long-term goals,” Ahmed said in prepared remarks.
CBRE is also involved in advertising the property. In 2017, Senior Vice President David Wigoda, Executive Vice President Jeffrey Kelly and Financial Analyst Sean Kelly became the exclusive marketing team for 6800 Broken Sound Corporate Center.
Image courtesy of Yardi Matrix