Fort Lauderdale’s Tower 101 Receives Acquisition Financing
- Jan 25, 2016
Fort Lauderdale, Fla.—Tower 101, a 227,764-square-foot, two-building office property in Fort Lauderdale, received $35.9 million in acquisition financing.
CBRE Capital Markets’ debt & structured finance team arranged the $35.9 million loan on behalf of Ivy Realty. Vice Chairman Charles Foschini and Senior Vice President Christopher Apone of CBRE’s Miami office arranged the non-recourse, balance sheet loan through Bank of America, which structured a three-year term with extension options at a 64% loan-to-value (LTV) ratio and a competitive floating rate over LIBOR.
Located at 101 NE 3rd Ave. in downtown Fort Lauderdale, Tower 101 encompasses a 19-story tower and an adjacent six-story office building, joined by a common lobby on the ground floor. Adjacent to the Federal Courthouse in Fort Lauderdale’s Central Business District, the complex is also just two blocks north of Las Olas Boulevard, with quick access to upscale restaurants, hotels, and retail destinations.
Photo credit: CBRE