The Real Deal Miami

Boca Raton office building gets $21M in financing

Developer signed mortgage for long-term ownership

April 01, 2015 09:45AM
By Sean Stewart-Muniz

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1200 Corporate Place

1200 Corporate Place

Keystone Property Group, a commercial real estate investor and developer, just inked $21 million in financing for its Boca Raton office building.

IH Capital provided the funds, which were arranged by Craig Romer of Dockerty Romer & Co.

Keystone purchased the property in 2011 for $15.2 million and upgraded the building, Romer told The Real Deal.  

Romer told TRD that the 10-year mortgage is setting up Keystone for long-term ownership of the building.

Located at 1200 Corporate Place, the building has 134,567 square feet and is 94-percent leased.

The company sold a similarly sized South Florida office building in June for $12 million. The 146,000-square-foot building, at 5875 Northwest 163rd Street in Miami Lakes, houses tenants like Dade Medical College and Intermedix.