The Real Deal Miami

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

Ivy paid $56M for the two-tower complex in 2016
By Ina Cordle | November 02, 2018 03:00PM

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.