Stockbridge Lands $47M Loan for FL Office
- Jun 08, 2018
Stockbridge Capital Group has landed $47.3 million in financing for 110 East Broward, a 342,465-square-foot office property in Fort Lauderdale, Fla. A CBRE team secured the Bank of America loan, which features a variable interest rate.
Stockbridge picked up the 24-story high-rise and its adjacent two-story office and retail building in January for $41.1 million from LNR Partners, acting as a trustee on behalf of U.S. Bank, according to Yardi Matrix. The bank had acquired the asset through a foreclosure action in 2017 after the previous owner, Cabot Properties, defaulted on a $40 million mortgage.
Located at 100 and 110 E. Broward Blvd. in Fort Lauderdale’s central business district, the buildings are easily accessible via ample public bus routes operating in the immediate area and U.S. Highway 1 a short distance away. Both the high-rise and the smaller building were constructed in 1981. The office tower was most recently updated in 1999, and Stockbridge is planning to begin renovation work in the future.
“The loan with Bank of America will provide additional funding for the transformative capital upgrades that are planned at the property,” said CBRE Vice President Amy Julian, who led the team securing the financing, in a prepared statement. “These enhancements … will undoubtedly strengthen 110 East Broward’s position in the market.”
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