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

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

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

Jeffrey Soffer and Fontainebleau Miami Beach

Jeffrey Soffer scores $1.2B refi of Fontainebleau Miami Beach

Rendering of Sailboat Bend II

Affordable housing project in downtown Fort Lauderdale lands $27M loan

Easton & Associates Vice President Elliot LaBreche (Credit: iStock)

The doctors will see you now: Co-working medical office space operator plans major expansion

776-858 Military Trail and Denholtz Properties CEO Steven Denholtz

Denholtz Properties buys Deerfield Beach buildings for $28M

475 Biltmore Way, Somi Center with Douglas Mandel and Benjamin Silver

California investor searching for higher yield buys medical office building portfolio

Sawgrass International Corporate Park

Brookdale buys back Sawgrass Park portfolio for $80M

419 Southeast 2nd Street, Lincoln Property Company CEO Tim Byrne

Lincoln Property joins partnership on downtown Fort Lauderdale building

999 Ponce and Benjamin H. Silver  

Downtown Coral Gables office building asks $40M