search

The Real Deal Logo

Trending

Trump accused of making false statements about $50M Chicago tower loanTrump accused of making false statements about $50M Chicago tower loanHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudHGTV’s “Mr. Flip It” gets four years in jail for $10M fraudLawmakers reach sweeping housing deal with “good cause eviction,” new 421aLawmakers reach sweeping housing deal with “good cause eviction,” new 421aRent board’s 4% hike will “plunge” buildings into distress: landlordsRent board’s 4% hike will “plunge” buildings into distress: landlords
South Florida

Cypress Financial Center in Fort Lauderdale scores $33M loan

Cypress Financial Center
Cypress Financial Center

The owner of the Cypress Financial Center in Fort Lauderdale has closed on a $33.3 million floating-rate loan for the property. 

An affiliate of Apollo Global Management and Steelbridge Capital manage the joint venture that owns the 11-story Class A office building. Square Mile Capital Management is the lender, according to a press release.

Sign Up for the undefined Newsletter

The office complex, at 5900 North Andrews Avenue, includes 197,000 square feet of office space and a six-story parking garage with 785 spaces. Property records show that it was built in 1988. Steelbridge CFC paid $32.55 million for the 2.8-acre Fort Lauderdale property in 2014.

The lender, Square Mile, is a real estate finance and investment management firm based in New York. The company is looking to increase its presence in South Florida, Square Mile vice president Eric Cohen said in the release.

A Steelbridge and Apollo joint venture sold an Aventura office building in December for nearly $40 million, more than double what it paid in 2012. – Katherine Kallergis

Tags
Apollo Global ManagementSteelbridge Capital