CIBC grants $ 57 million acquisition loan on Boca Raton office campus – Business Observer
Canadian Imperial Bank of Commerce (CIBC) provided $ 56.5 million in acquisition debt to a joint venture between Intellectual property partners and Senior Edge Advisors to acquire a Class A office campus in Boca Raton, Florida, learned Commercial Observer.
The variable rate acquisition financing was used for the purchase by the joint venture of Place de la Fontaine, an approximately 243,000 square foot office campus built around a central courtyard with a fountain in the middle, hence the name of the asset.
A CIBC representative confirmed that the bank made the loan, but declined to comment further.
JLL‘s Chris drew, Maxx Carney, Reid carleton and Jimmy calvo included the team that researched and arranged the debt on behalf of the borrowers.
“We are happy to have advised [the borrowers] in the capitalization of Fountain Square, âsaid Drew. âThe vigorous debt market response to this opportunity has demonstrated the confidence of the lending community in the new owner’s stature as one of the best office operators in the Southeastern United States, as well as the lender’s belief in the strength and resilience of the Florida office market. “
The three-building property sits on a 15-acre site in 2600-2700 North military trail in Boca Raton, next to Highway 95 and surrounded by a variety of other offices and approximately 2 million square feet of retail space, including Simon Real Estate Group1.8 million square foot shopping center, the Downtown Boca Raton, according to data from JLL. Fountain Square also includes 873 surface parking spaces, as well as covered parking, according to a real estate brochure published by Cushman and Wakefield (C&W).
We don’t know who the seller is, but Commercial Real Estate Bridge had managed the property until September 30, according to an email response CO received from an official responsible for managing the property.
Fountain Square was sold for $ 54.5 million in December 2017 by a joint venture between Greenwich, Connecticut Controlling capital management and West Palm Beach-based real estate services company NAI / Merin Hunter Codman, according to Palm Beach property records and a 2017 press release from the couple.
In the few years between when the Contrarian Capital-led joint venture sold the property and the previous owner’s offloading last month, a number of renovations have been done including new signage, new layers exterior paint, updated landscaping, parking lot upgrades and improvements. at the central fountain and common areas, according to the C&W brochure. A new cafÃ© in one of the buildings has also been added, as well as a new covered lounge with terrace.
Executives at IP Capital Partners and Edge Principal Advisors did not respond to inquiries prior to the publication.
Mack Burke can be reached at [email protected].