Clearwater Office Park Lands $6M Refi
- Jun 16, 2017
Grandbridge Real Estate Capital facilitated the closing of a mortgage secured by a 112,241-square-foot office complex in Clearwater, Fla. West Florida Region-based BB&T Senior Vice President Lisa Resnick referred the transaction.
Vice president of Grandbridge, T.J. Ownby arranged funding for the seven-year loan through one of Grandbridge’s banking relationships. According to public records, Sabadell United Bank provided the $5.6 million permanent, fixed-rate financing, with a 20-year amortization period.
Extensive Improvement Program
Located at 50 S. Belcher Road, the property known as Belcher Commons comprises three office buildings completed between 1973 and 1975. Currently owned by Arcis Investments, the complex underwent extensive upgrades in 2005 with renovations to common areas, restrooms and suites, Yardi Matrix shows.
The garden-style office park features on-site management, leasing and maintenance team, signage options, on-site FedEx drop box and U.S. Post Office adjacent to the campus. Situated between Belcher Road, Cleveland Street and Main Avenue just two blocks north of Gulf to Bay Boulevard, the location provides access to nearby services including banking, restaurants, medical facilities and retail venues.
Image courtesy of Yardi Matrix