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New owner gets $47.3M loan for upgrades to Fort Lauderdale office property
Stockbridge Capital Group will use the loan from Bank of America to renovate the property on East Broward Boulevard
![110 East Broward Boulevard (Credit: Ten-X)](https://static.therealdeal.com/wp-content/uploads/2018/06/110-East-Broward-Boulevard-Credit-Ten-X.jpg)
Stockbridge Capital Group got a $47.3 million loan from Bank of America to renovate its recently acquired office property in downtown Fort Lauderdale.
In January, Stockbridge acquired a 24-story office building and an adjacent to two-story building with office and retail space for $41.1 million.
The buildings are located at 100 and 110 East Broward Boulevard in Fort Lauderdale.
The seller, LNR Partners, acted as a trustee on behalf of U.S. Bank, which repossessed the property through foreclosure after Cabot Properties defaulted on a mortgage loan with a $40 million balance.
Built in 1981, both the 24-story building and the two-story building were renovated in 1999.
The loan from Bank of America will help Stockbridge to fund “transformative capital upgrades that are planned at the property,” Amy Julian, a vice president of brokerage firm CBRE, said in a prepared statement.
Julian was part of the CBRE team that secured the loan from Bank of America. [Commercial Property Executive] – Mike Seemuth