The Real Deal Miami

Boca-Raton’s Procacci Development Corporation secures $87M in refinancing

August 02, 2011 12:49PM

Boca Raton-based Procacci Development Corporation has secured $87 million in refinancing for new acquisitions and development opportunities, the company announced today, including a refinancing for $73.15 million of existing loans and a $14.5 million revolving credit line. The loan covered five buildings in Miami and Plantation totaling roughly 436,000 square feet of Class A office space.

“This loan gives us the flexibility to reassess where we are in five years,” said Philip Procacci, founder and CEO. “It gives us the agility to substitute or add properties or shift the portfolio around as market conditions or new opportunities unfold.”

Four of the five buildings are at Crossroads at Dolphin Commerce Center in Miami: the Keiser University building and adjoining 135,000-square-foot parking garage, two multi-tenant office buildings, and a building developed for the federal government, Procacci said. The fifth facility is a former Levitz Furniture showroom redeveloped for the federal government. — Katherine Clarke