Ivy Realty scores $46M refi for downtown Fort Lauderdale office tower

Ivy paid $56M for the two-tower complex in 2016

Miami /
Nov.November 02, 2018 03:00 PM

Tower 101

Ivy Realty just scored a $46.1 million refinancing for its Tower 101 office complex in downtown Fort Lauderdale.

J.P. Morgan provided the financing for the two-tower, 229,000-square-foot property at 101 Northeast Third Avenue. Ivy will use the loan to make tenant space upgrades, common area enhancements and other cosmetic improvements, according to Ackman-Ziff Real Estate Group, which arranged the financing.

Tower 101’s buildings, built in the 1980s, are 21 stories and six stories tall. Tenants include Uniform Advantage, the Greater Fort Lauderdale Convention & Visitors Bureau, Thornton Tomasetti, and the city of Fort Lauderdale. The complex is within walking distance of the Brightline station, the federal courthouse and Las Olas Boulevard.

Ivy Realty, based in Greenwich, Connecticut, paid $56 million for the office complex in 2016, and took out a $35.9 million loan from Bank of America at the time of the purchase.

Nearby, Ivy Realty sold the 19-story, Class A office tower 1 East Broward last month for $108.5 million to a joint venture between Pacific Coast Capital Partners and NAI/Merin Hunter Codman.

Founded in 1996, Ivy Realty has since invested $1.5 billion in 11 million square feet of commercial real estate assets, according to its website.

Downtown Fort Lauderdale is experiencing a wave of new development. Blackhawk Properties & Investments is developing a new, seven-story office building with ground floor retail at 550 South Andrews Avenue. A partnership led by Stiles Corp. and Shorenstein Properties is developing Main Las Olas, a mixed-use project with apartments and office space under construction on the northwest corner of Southeast Third Avenue and East Las Olas Boulevard. Additional projects include Kolter Group’s 46-story 100 Las Olas mixed-use building, which is under construction, and Related Group’s recently completed 45-story rental tower, Icon Las Olas, which is on the market.


Related Articles

arrow_forward_ios
Photo courtesy of David Iglesias

Boca Beach House condo project scores $43M construction loan

Boca Beach House condo project scores $43M construction loan
Nick Rojo and Jeff Burns (Affiliated, iStock)

Affiliated Development launches $125M workforce housing fund

Affiliated Development launches $125M workforce housing fund
20200 West Dixie Highway, Miami with Harry Dornbusch and Dr. Joshua Lampert (Google Maps)

Aventura office condo owners allege construction defects at Beacon Tower

Aventura office condo owners allege construction defects at Beacon Tower
Commissioner Ricky Arriola (iStock)

Miami Beach asks for offers to develop lots near Lincoln Road

Miami Beach asks for offers to develop lots near Lincoln Road
Tom Cabrerizo and 6790-6880 Southwest 80th Street (Google Maps)

Developers score $15M construction loan for Miami townhouse development

Developers score $15M construction loan for Miami townhouse development
Triton Center (iStock)

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit

Questions surround $50M in EB-5 investments tied to former INS building: lawsuit
Lexington Realty Trust's Wilson Eglin and 5600 Broken Sound Boulevard, Boca Raton (Google Maps)

HSBC to take over Boca Raton office building following foreclosure auction

HSBC to take over Boca Raton office building following foreclosure auction
Javier Lopez and 2525 Ponce de Leon Boulevard, Coral Gables (Credit: Google Maps)

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic

South Florida office landlords are offering sweeteners to lure tenants amid the pandemic
arrow_forward_ios

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

Loading...