Deutsche Bank Provides $90 Million Loan For Office Building On PGA Boulevard In Palm Beach Gardens
3835 Pga Boulevard, Palm Beach Gardens, Florida 33410, United States
$90,000,000
$414/SF
Building Size
217,000 SF
Asset Type
Office
Closing
Jun 26, 2022
About this deal
AI
Located at 3835 PGA Boulevard in Palm Beach Gardens, this office property spans approximately 217,000 square feet. The transaction involving this asset took place on June 27, 2022. The property is owned by Gatsby Realty and the loan for its recapitilization was provided by Deutsche Bank. The loan amount for this transaction was $90,000,000.
Summary of transaction details:
- Property Type: Office
- Transaction Amount: $90,000,000
- Address: 3835 PGA Boulevard
- Market: Palm Beach Gardens
- Lender: Deutsche Bank
- Landlord: Gatsby Realty
- Brokers: Charles Foschini, Scott Wadler, and Robert Iudice - Berkadia
The brokers involved in this deal were Charles Foschini, Scott Wadler, and Robert Iudice from Berkadia. They represented the parties in negotiating and finalizing the transaction.
On the Map
$90,000,000
$414/SF
Office
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Players
Palm Beach Gardens 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
0.18%
Cash-on-Cash
-0.05%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93