Miami-Area Office Building Gets $13M Refi
- Dec 13, 2019
NorthMarq has arranged a refinancing loan of $12.5 million for Quantum Technology Center in Boynton Beach, Fla, on behalf of the owner, Fox Ridge Capital. The bridge loan has a five-year term, with three years of interest-only payments and a 25-year amortization schedule.
Located at 3301 Quantum Blvd., Quantum Technology Center was originally completed in 1995 and renovated in 2018. The bridge loan provides funds for further capital and tenant improvements. The center is fully leased, with academic medical center NYU/Langone Health occupying half of the space on a long-term basis.
The 100,000-square-foot property, located on an 8.2-acre lot, is 2 miles from Interstate 95 and the Boynton Beach train station. The surrounding area includes several retail options, such as Boynton Town Center shopping center, which is within 2 miles of the building.
The refinancing deal was arranged by Paul Whalen, vice president at NorthMarq’s Miami regional office. Recently, the firm negotiated a $19.4 million acquisition loan on behalf of Dakota Pacific, which acquired 179,466 square feet of office space in Provo, Utah.