Cushman & Wakefield Arranges $18M Loan On Boca Raton Office Building
1499 West Palmetto Park Road, Boca Raton, FL, USA
$18,000,000
$66/SF
Building Size
269,000 SF
Asset Type
Office
Closing
Mar 17, 2021
AI
1499 Palmetto Place, an office property located in Boca Raton, was involved in a closed transaction on March 18, 2021. The property spans across 269,000 square feet and is owned by Grover Corlew.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $18,000,000
- Market: Boca Raton
The loan for this transaction was provided by Grant Street, a fixed-rate, non-recourse loan. Cushman & Wakefield represented both parties in the deal, with Jason Hochman, Mike Ciadella, and Ron Granite serving as the brokers.
Players
Boca Raton Office Market Snapshot
Boundary boundary · Office · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.88%
Cash-on-Cash
-0.25%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93