Grove Gate Financial Secures $24M Bridge Loan For Clearwater & Fort Lauderdale Office Portfolio
FINANCED
$24,000,000
Florida
See Similar DealsOffice269,843 SF
Financed 10/19/2021
FINANCED
Grove Gate Financial Secures $24M Bridge Loan For Clearwater & Fort Lauderdale Office Portfolio
2536 Countryside Boulevard, Clearwater, FL, USA
See Similar DealsOffice269,843 SF
Financed 10/19/2021
Summary
FLORIDA
Asset Type:Office
Price Per Square Foot:$88
Total Square Footage:269,843 SF
Transaction Type:Loan
The property involved in this closed transaction is an office building with a total square footage of 269,843. It is located at 19321 US Highway 19 North, 2536 Countryside Boulevard, and 2455 East Sunrise Boulevard. The transaction took place in two different markets, Clearwater and Fort Lauderdale.
Summary of transaction details
- Property Type: Office
- Transaction Amount: $24,000,000
- Market: Clearwater & Fort Lauderdale
- Loan Type: Bridge Loan
- Loan Terms: The fixed-rate bridge loan recapitalized the 46 percent leased portfolio and provided future funding for ongoing lease-up costs
Grove Gate Financial, represented by Brad Weiss, is the landlord for this property. The brokers involved in the transaction are Rebecca Van Reken and Alec Fox from Berkadia. They facilitated the deal on behalf of the parties involved.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$24,000,000.00
Monthly NOI$160,000.00
Monthly Debt Service$151,696.33
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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