The Real Deal Miami

CityPlace gets loan extension

January 19, 2009 11:55AM

Ken Himmel, developer of the West Palm Beach commercial project
CityPlace tower, said the Related Companies and its construction lender,
Capital Trust, are wrapping up a lengthier extension that will bring
the loan out another four years. Himmel said the new terms bought some
breathing room and that the building is nearly 75 percent leased. New tenants totaling nearly 40,000 square feet are expected
to come aboard midyear, bringing the building’s total occupancy rate to 90 percent.