Mercantil Bank Funds $20.3M Loan For Commercial Asset On PGA Boulevard

The property involved in the transaction is City Centre, a mixed-use four-building office and retail center located at 2000 PGA Boulevard in Palm Beach Gardens, Florida. The asset includes a 20-year ground leased outparcel with a PNC Bank branch and a 3.2-acre development site approved for 61,800 square feet of office space. The property totals 93,563 square feet and is characterized by classical Mediterranean architecture, with buildings constructed between 1989 and 1999.

Summary of transaction details:

• Property Type: Commercial
• Transaction Amount: $28,100,000.00
• Address: 2000 PGA Boulevard, Palm Beach Gardens, Florida
• Market: North Palm Beach
• Borrower's Representative: Maxx Carney(JLL), Paul Stasaitis(JLL)
• Lender: Mercantil Bank
• Loan Amount: $20,300,000.00

The deal was represented by Lionstone Investments' sales investment team, comprising senior managing directors Hermen Rodriguez and Daniel Finkle, alongside Director Ike Ojala and Associate Director Tracey Goo. AW Property Co. acquired the property, and the debt placement team of HFF, led by Senior Managing Director Paul Stasaitis and Associate Maxx Carney, secured acquisition financing on behalf of the new owner. The asset is located in a prime area of North Palm Beach, close to various waterfront and golf course communities.