New owners of WPB office building get $22.49M loan

Miami /
Mar.March 12, 2017 03:40 PM

Berkadia arranged a $22.49 million bridge loan to the new owners of the former Bank of America office building in West Palm Beach.

Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, secured the three-year, adjustable-rate loan to help the owners of the office building convert the property primarily to medical use.

Late last year, Bank of America vacated about 40,000 square feet of the 110,000-square-foot building at 625 North Flagler Drive in West Palm Beach.

The building, which opened in 1984, is located at the West Palm Beach entrance of the recently reopened Flagler Memorial Bridge to the town of Palm Beach.

FRI Investors acquired the building in an all-cash transaction after Bank of America relocated to a nearby office building late last year.

FRI Investors will use the $22.49 million loan from PCCP, LLC, to renovate and reposition the former Bank of America building, which is now 50 percent occupied. Recently signed medical tenants include Mount Sinai Hospital and Jupiter Medical Center.

Charles Foschini and Christopher Apone of Berkadia’s South Florida office arranged the loan on behalf of FRI Investors, led by chief principal Michael McCloskey. Foschini is a senior managing director of Berkadia, and Apone is a managing director.

“The new owners now have the necessary capital to execute their business plan of developing a medical or quasi-medical building,” Apone said in a prepared statement.


Related Articles

arrow_forward_ios
Lease roundup: Slalom opens first South Florida office in Wynwood, 10 tenants sign at 800 Brickell
Lease roundup: Slalom opens first South Florida office in Wynwood, 10 tenants sign at 800 Brickell
Lease roundup: Slalom opens first South Florida office in Wynwood, 10 tenants sign at 800 Brickell
3750 West 16th Avenue in Hialeah (Courtesy of RG Property Group)
KEI Properties buys Hialeah office-retail property for $8M
KEI Properties buys Hialeah office-retail property for $8M
Developer Jeff Greene and Dalfen Industrial CEO Murray Dalfen with the complex at 1501 Meathe Drive (Dalfen, CBRE)
Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
Billionaire Jeff Greene sells West Palm Beach industrial complex for $61M
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
Fortune International Realty’s former Miami office sells for $8M
830 Brickell and the co-developers Cain's Jonathan Goldstein and Vlad Doronin (Getty, OKO Group / Cain International)
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
Lease roundup: Canada’s CI Financial picks Brickell for new US HQ
3301 Quantum Boulevard in Boynton Beach and Apex Capital Investments CEO John Gaghan (JLL, Apex)
Apex Capital pays $37M for Boynton Beach office building
Apex Capital pays $37M for Boynton Beach office building
Hyperion Group CEO Rob Vecsler, Starwood Capital CEO Barry Sternlicht and a rendering of 350 South Australian Avenue (M18 PR, Wikimedia)
Starwood acquires stake in West Palm Beach development site
Starwood acquires stake in West Palm Beach development site
Arnaud Karsenti and one of the properties at 435 Gardenia Street (Google Maps)
13th Floor Investments pays $26M for downtown West Palm Beach assemblage
13th Floor Investments pays $26M for downtown West Palm Beach assemblage
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...