The Real Deal Miami

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
June 17, 2018 12:15PM

110 East Broward Boulevard (Credit: Ten-X)

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