Grover Corlew Secures $61M Refinance From Wells Fargo For Boca Raton Office Assets
150 East Palmetto Park Road
$61,000,000
$346/SF
Building Size
176,103 SF
Asset Type
Office
Closing
May 28, 2025
About this deal
AI
The assets involved in the transaction are two office properties located at 120 & 150 East Palmetto Park Road, Boca Raton. The combined square footage of these properties is 176,103. The refinancing loan amount for these assets is $61,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $61,000,000
- Lender: Wells Fargo
- Landlord: Mark Corlew - Grover Corlew
- Loan Type: Refinance
Grover Corlew executed the refinancing of the properties after investing $16,000,000 in upgrades that increased occupancy to over 90%. The loan originated from Wells Fargo and was subsequently transitioned to its CMBS platform, demonstrating the lender's confidence in the repositioning strategy of the firm.
On the Map
$61,000,000
$346/SF
Office
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Boca Raton Office Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.26%
Cash-on-Cash
-0.07%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93