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.
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