Prime Finance Provides $28.5M Bridge Loan For Office Building Acquisition In Sarasota

Tricera Capital, the landlord of the office property located at 1800 2nd Street in Sarasota, has secured a loan of $28,500,000 from Prime Finance. The loan, which has a three-year term, will serve as a bridge facility for the initial acquisition of the property and future funding for lease-up and property upgrades.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $28,500,000
• Date: 01/28/2021
• Market: Sarasota
• BROKERS: Scott Wadler & Alec Fox

The deal was facilitated by Scott Wadler & Alec Fox, representing Tricera Capital. Their expertise and negotiation skills played a significant role in securing the loan from Prime Finance. This transaction highlights the confidence of lenders in the Sarasota office market and Tricera Capital's strategic vision for the property at 1800 2nd Street.