C&W Secures $11M Loan for FL Business Park
- Oct 20, 2017
Cushman & Wakefield arranged the financing of a six-building portfolio totaling 184,387 square feet of office and flex space within Park Central Business Park in Pompano Beach, Fla. Wells Fargo originated the $11.2 million permanent, long-term loan with a fixed-rate, pre-payment flexibility and an interest-only period.
The business park offers 70 percent overall office build-out, as well as a mix of 40 grade-level and dock-high loading entries, warehouse clear heights ranging from 14 to 24 feet and a parking ratio of 3.3 spaces per 1,000 square feet. Located at 2200, 2100, 3800-3890, 3700-3770, 3610-3665 and 3410 Park Central Blvd. North, the buildings were developed between 1982 and 1986 on a total of 14.47 acres.
Senior Director Jason Hochman represented property owner KEI Properties in securing the mortgage. The C&W team of Executive Director Scott O’Donnell, Senior Associate Greg Miller and Senior Director Dominic Montazemi, alongside Executive Directors Richard Etner Jr. and Christopher Metzger, negotiated the cash sale of Park Central Business Park in October 2016. According to public records, KEI Properties acquired the asset from Duke Realty in a $14.5 million deal.
“We negotiated some additional ‘bells and whistles’ that really make this loan stand out. It also helped that our client has a terrific record in managing his properties and had clearly done so at Park Central thus far. The new loan allows KEI Properties to enjoy terrific returns going forward with the flexibility to sell individual buildings should the opportunities arise,” said Hochman, in prepared remarks.
Strategically situated within Broward County, Park Central Business Park provides access to major thoroughfares including Interstate 95, Florida’s Turnpike and the Pompano Beach Tri-Rail Station. Earlier this year, Cushman & Wakefield brokered the sale of Coral Springs Business Warehouse, a multi-tenant industrial building in Coral Springs, Fla.
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