BankUnited provides $40m on Tampa office portfolio

BankUnited of Tampa has provided a $39.5m loan to IP Capital Partners and Fir Tree Partners for the acquisition of the Sabal Park office portfolio in Tampa, Florida. The five-year, partial interest-only loan carries a 65 percent loan-to-value ratio, according to CBRE Debt & Structured Finance, which arranged the deal. That ratio puts the portfolio’s […]

BankUnited of Tampa has provided a $39.5m loan to IP Capital Partners and Fir Tree Partners for the acquisition of the Sabal Park office portfolio in Tampa, Florida.

3922 Coconut Palm Drive is one of nine office buildings in the portfolio
3922 Coconut Palm Drive is one of nine office buildings in the portfolio

The five-year, partial interest-only loan carries a 65 percent loan-to-value ratio, according to CBRE Debt & Structured Finance, which arranged the deal. That ratio puts the portfolio’s value at $60.8m. The sellers were Eola Capital and GE Capital.

The 518,338 sq ft complex of nine office buildings is part of a 1,000-acre master-planned business park near the intersection of I-4 and I-75, featuring five restaurants, three hotels, a dry cleaner, three banks and a full-service child care facility. The office buildings are located along Princess Palm Drive, Queen Palm Drive and Coconut Palm Drive.

Boca Raton, Florida-based IP Capital Partners invests in value-add and other opportunistic commercial real estate opportunities in Florida. It was formed to “focus exclusively on co-investing with various institutional and high net worth joint venture partners,” investing primarily through its IPCP Florida Realty Value Fund I. Fir Tree is a New York-based private investment firm.

CBRE concurrently announced that it has arranged $7m in financing for 6 Charles Street, a 6-story, 27-unit apartment building in Manhattan’s West Village neighborhood, on behalf of the property’s owner, ELK Investors. The 30-year loan carries a low to mid 3% interest rate which is fixed for seven years and floating thereafter.

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