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Grover Corlew Secures $47.5M Refinance From City National Bank For Boca Raton Office Campus

Property Image
FINANCED
$47,500,000
David Lukes
AG

Florida

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Office170,000 SF
Financed 05/05/2025
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Property Image
FINANCED

Grover Corlew Secures $47.5M Refinance From City National Bank For Boca Raton Office Campus

1499 West Palmetto Park Road

See Similar Deals
Office170,000 SF
Financed 05/05/2025
David Lukes
AG
the dealplayerscompscontact
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Summary

FLORIDA
Asset Type:Office
Price Per Square Foot:$279
Total Square Footage:170,000 SF
Transaction Type:Loan

The property asset involved in this transaction is a fully redeveloped office campus located at 1489 & 1499 West Palmetto Park Road in Boca Raton. This Class A property encompasses a total square footage of 170,000 and has undergone over $60 million in improvements. It is currently over 80% leased to various tenants.

Summary of transaction details:

  • Property Type: Office
  • Transaction Amount: $47,500,000
  • Lender: David Lukes - City National Bank of Florida
  • Landlord: Mark Corlew & Anuj Grover - Grover Corlew
  • Loan Type: Refinance

In this transaction, Grover Corlew has secured a refinancing loan of $47.5 million from City National Bank of Florida. The deal emphasizes the engagement of David Lukes as the lender, while Mark Corlew and Anuj Grover represent the interests of the landlord in this significant property transaction.

Players

City National Bank of Florida
City National Bank of Florida
LENDER
AG
Anuj Grover
5 deals$222.6M volume
LANDLORD

Details

FINANCED
IMAGE: Mark Corlew, Anuj Grover & David Lukes DATE: 05/05/2025 ADDRESS: 1489 & 1499 West Palmetto Park Road MARKET: Boca Raton ASSET TYPE: Office ~ SF: 170,000 LENDER: David Lukes - City National Bank of Florida (@CityNationalBankofFlorida) LANDLORD: Mark Corlew & Anuj Grover - Grover Corlew (@GroverCorlewProperties) LOAN AMOUNT: $47,500,000 LOAN TYPE: Refinance NOTE: Grover Corlew secured a $47.5M refinancing from City National Bank of Florida for its fully redeveloped, 170K SF Palmetto Central office campus in Boca Raton. The two-building Class A property, upgraded with over $60M in improvements, is now over 80% leased to tenants including UHealth, Hair Club, and Texas Instruments.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$47,500,000.00

Monthly NOI$316,666.67
Monthly Debt Service$300,232.31
Change in Cash Flow$0.00
Refinance Proceeds$0.00