Morgan Stanley Mortgage Capital has provided $61m of securitized debt for AGS Property Corporation’s acquisition of the Broward Financial Center in Fort Lauderdale, Florida.
The 10-year, fixed-rate CMBS loan facilitated the $112m purchase of the 24-story, 324,429 sq ft office property, representing a 55 percent loan-to-cost. The seller was DRA Advisors.
Miami-based AGS Property Corporation purchased the property free and clear of existing debt, according to HFF, which arranged the deal and is servicing the securitized loan. The firm would not disclose additional information.
Broward Financial Center is located at 500 East Broward Boulevard at the intersection of Broward and South Federal Highway in Fort Lauderdale’s Central Business District.
The property was completed in 1986 and renovated in 2007. It is currently 90 percent leased and tenants include Sun-Sentinel Company, Fox Sports Net Florida, Northwestern Mutual and Charles Schwab & Co.