New owner gets $47.3M loan for upgrades to Fort Lauderdale office property

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