Miami Metro MOB Lands $31M Loan
- Aug 07, 2017
Berkadia arranged a $31 million bridge loan on behalf of Biscayne Atlantic for Jupiter Medical & Technology Park, a medical office building and research facility located in Jupiter, Fla. The company arranged for a three-year, floating rate bridge loan at a competitive interest rate, provided by Silverpeak Argentic.
Berkadia’s Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged the loan.
Former GE Location
Located at 1701 Military Trail, the 186,000-square-foot Jupiter Medical & Technology Park was built in 1990. Tenants include Florida Turbine Technologies and Jupiter Medical Center. The largest tenant, GE Medical Systems, consolidated to a market outside of Florida. The property is located between Old Dixie Highway and Interstate 95, at the center of Jupiter’s life sciences research sector.
“The borrower acquired the property in 2014, leased up the vacant space and succeeded in getting entitlements for a large amount of land which had value separate and apart from the building,” said Foschini, in prepared remarks.
Image courtesy of Berkadia