FRI Investors Secures $39M Refi for West Palm Beach Office Tower
Tenants at the Course A house incorporate Mount Sinai and the GSA.
FRI Buyers has landed $39 million in refinancing for 625 Flagler, a 108,4820-square-foot business tower in West Palm Beach, Fla. The organization obtained the assets back in 2017 for $23 million, CommercialEdge facts exhibits.
The financing completes an additional present $29 million loan, furnished by Metropolitan Lifestyle Insurance policies Co. in 2019, in accordance to the very same knowledge service provider. JLL Cash Markets arranged the 10-calendar year, fastened-level mortgage, funded by Lender of The united states.
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Created in 1984 and renovated in 2018, the 11-story Class A business office creating spans 1.3 acres and encompasses 9,500 square feet of retail room, 5 stages of parking and 16,313-square-foot floorplates. The tenant foundation includes government, health care and fiscal providers, these types of as U.S. Normal Companies Administration, Becker & Poliakoff, F1 Oncology and Mount Sinai, among other folks.
Positioned at 625 N. Flagler Push, the place of work building is within just a mile of Cityplace, which includes a lot of eating places and retail possibilities, such as Publix Tremendous Marketplace. U.S. Route 1 is considerably less than a mile from the property and Interstate 95 is some 2.5 miles southwest of the place of work tower.
Senior Director Maxx Carney and Managing Director Ike Ojala of JLL Cash Marketplaces worked on the transaction. Carney a short while ago worked on behalf of Seagis Property Group LP and arranged $73.35 million in refinancing for 5 industrial attributes in South Florida.