South Florida Office Tower Gets $39M Refi

Following extensive renovations, the 22-story, Class A building received a LEED Gold certification in 2018.
One Clearlake. Image courtesy of JLL

A partnership between Velocis and CREC Capital has taken a $39 million refinancing package for One Clearlake, a 221,079-square-foot, Class A office tower in West Palm Beach, Fla. JLL Capital Markets assisted the borrower in securing the note from Prime Finance. The joint venture had acquired the property for $42.3 million from AEW Capital Management in 2017, according to Yardi Matrix.

Located on 3 acres at 250 S. Australian Ave., the 22-story tower delivered in 1987, with major capital improvements completed in 2008, Yardi Matrix shows. The owner also recently finished a multi-million dollar update of the asset, which was awarded LEED Gold certification in 2018. Amenities include a tenant lounge, on-site café and fitness center. The property is 2 miles from Interstate 95 and some 3 miles from Palm Beach International Airport.

JLL Director Maxx Carney, Senior Managing Director Chris Drew, Senior Director Ike Ojala and Analyst Cody Brais brokered the financing. Earlier this week, the company arranged another $20 million loan from Prime Finance for a 160,000-square-foot Class A office building in Jacksonville, Fla.