Exeter lands $75M loan for spec Coral Springs warehouse project
Exeter paid $15M for the 40-acre site of the project’s phase two in 2017
Exeter Property Group closed on a $74.9 million loan for the second phase of its Coral Springs Commerce Center.
The loan, from New York Life Insurance Co., is for 4100, 4270 and 4150 Coral Ridge Drive, as well as the existing building at 4250 Coral Ridge Drive, according to property records.
Conshohocken, Pennsylvania-based Exeter, led by CEO Ward Fitzgerald, acquired the 40 acres for phase two from Swiss manufacturing company Hoerbiger for $14.9 million in 2017.
Marketing materials for the second phase show that nearly 300,000 square feet at two of the future buildings is still available. The third, a 78,377-square-foot project, has been preleased.
In March, pharmaceutical products provider United Medco leased 88,000 square feet of the existing building at 4250 Coral Ridge Drive for its national headquarters as well as a distribution space, according to a press release. The building was constructed in 1981 and renovated in 2019.
This week, Exeter also received a $32.7 million loan from New York Life for the existing buildings at 4000 to 4030 Northwest 126th Avenue within the commerce center, according to records. Exeter bought the property from Prologis for $7.9 million in 2015.
In January, Exeter sold three warehouses in Boynton Beach for $25.8 million.
In June, New York Life provided a $97 million loan to the Brunetti Organization to build Las Marinas Apartments, two 17-story, 128-unit towers in Sunny Isles Beach.