HFF Secures $30M Financing for One Progress Plaza
- Apr 22, 2012
Holliday Fenoglio Fowler L.P. has secured $30.8 million in financing for the tallest building in Pinellas County—One Progress Plaza—according to company officials. Working exclusively on behalf of owner Kucera Properties, HFF placed the 10-year, fixed-rate loan with American National Insurance Co., which is headquartered in Galveston, Texas. The financing replaces an existing maturing loan, and the new financing will be serviced by HFF.
The HFF team representing Kucera Properties was led by senior managing director Paul Stasaitis, who was assisted by director Chris Drew and associate director Kim Flores.
“This transaction is emblematic of how capital sources today are viewing overall market conditions as opposed to, say, 12 months ago. Most lenders today are focused on high-quality assets within their respective markets and are holding the notion that the overall economy’s ‘floor’ is now behind us. As such, we are able to provide borrowers more creative and further expansive sources of capital for the recapitalization of their real estate assets,” said Stasaitis.
The 28-story One Progress Plaza is located at 200 Central Ave., east of Interstate 275 in downtown St. Petersburg. The location is less than one mile from direct access to I-275, which links St. Petersburg to Tampa and Sarasota, with a commute of approximately 25-30 minutes. Due to the setting, middle and upper floors enjoy unobstructed views of both Tampa Bay and the Gulf of Mexico.
The 295,200-square-foot, Class A office building is currently 83 percent occupied by a variety of tenants associated with wealth management, legal and other financial services.
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