Fort Lauderdale, FL – October 6, 2014 – (RealEstateRama) — CBRE Capital Markets’ Debt & Structured Finance team announced that it has arranged $56 million in first mortgage bridge financing for One East Broward Boulevard, a 343,551-square-foot, Class A office tower in Fort Lauderdale, Florida.
CBRE worked on behalf of Ivy Realty to secure a three-year, floating rate, interest-only, non-recourse bridge loan with two one-year options. The loan was provided by Blackstone.
The loan was facilitated by Jason Gaccione, Senior Vice President, Debt & Structured Finance, of CBRE’s Midtown Manhattan office. Local market expertise was provided by Charles Foschini, Vice Chairman, and Chris Apone, First Vice President, of CBRE’s Miami office.
According to Mr. Gaccione, “Since acquisition in 2011, Ivy completed nearly $4 million in building upgrades and more than 100,000 square feet of leasing, while capturing 33% of all suburban tenants that relocated to Broward Blvd. during that time. Blackstone was attracted to these strong results and recognized the additional upside that would continue to be fueled by growing market fundamentals, and the mass transportation hub—All Aboard Florida station—being developed adjacent to One East Broward.”
One East Broward Boulevard is a 19-story, glass office tower located at the mouth of the main thoroughfare in Downtown Fort Lauderdale. The building’s location provides easy access to all downtown amenities and is in close proximity to I-95 and the Fort Lauderdale International Airport. At closing, the asset was 82% occupied.
About Ivy Realty
Ivy Realty, www.ivy-realty.com, is a fully integrated real estate operating company with over 5 million square feet of commercial property investments. The firm offers asset and property management, construction and leasing services in the Northeastern corridor of the U.S., including New York, New Jersey and Southeast Florida. The firm is headquartered in Greenwich, Connecticut.
Blackstone Mortgage Trust, Inc. is a real estate finance company that originates senior loans collateralized by properties in North America and Europe. The Company is externally managed by BXMT Advisors L.L.C., a subsidiary of The Blackstone Group L.P., and is headquartered in New York City.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.