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 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.