Blackstone lends $56m for refinancing of Florida office tower

Blackstone provided a $56m first mortgage loan to Ivy Realty for the refinancing of One East Broward Boulevard, a 343,551 sq ft, Class A office tower in Fort Lauderdale, Florida. It is a three-year, floating rate, interest-only, non-recourse bridge loan with two one-year options. Connecticut-based Ivy Realty paid a reported $42m for a majority stake […]

Blackstone provided a $56m first mortgage loan to Ivy Realty for the refinancing of One East Broward Boulevard, a 343,551 sq ft, Class A office tower in Fort Lauderdale, Florida.

image001It is a three-year, floating rate, interest-only, non-recourse bridge loan with two one-year options.

Connecticut-based Ivy Realty paid a reported $42m for a majority stake in the 19-story, glass office tower in Downtown Fort Lauderdale in 2011.

At the time the asset was 55% occupied and the firm has since performed nearly $4m in building upgrades, completing 100,000 sq ft of leasing and boosting occupancy to 82%.

The loan was arranged by a CBRE team led by Jason Gaccione, senior vice president in the firm’s Manhattan Debt & Structured Finance team.

In a prepared statement Gaccione said Blackstone was attracted to the strong leasing 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.”

Blackstone Real Estate Debt Strategies, led by Mike Nash, has $9bn under management.

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