Dealmaker: CBRE Originates $64M in South Florida

January 27, 2016

CBRE Capital Markets’ Debt & Structured Finance team originated $63.9 million for two south Florida office buildings.

Charles Foschini and Christopher Apone of CBRE’s Miami office arranged $35.9 million on behalf of Ivy Realty for Tower 101, a 228,000-square-foot two-building property in downtown Fort Lauderdale.

Foschini and Apone secured the non-recourse balance sheet loan through Bank of America, which structured a three-year term with extension options at a 64 percent loan-to-value ratio and a floating rate over LIBOR.

“Ivy Realty’s strength as a borrower and experience in Downtown Fort Lauderdale, coupled with the positive dynamics occurring along Broward Boulevard, resulted in strong interest from balance sheet lenders who typically look to finance only seasoned operators and quality assets,” Foschini said.

Tower 101 includes a 19-story tower and an adjacent six-story office building that share a ground-floor lobby.

Foschini and Apone also arranged $28 million in acquisition financing for Aventura View, a 10-story, 107,000-square-foot ocean-view office building that occupies four acres in one of south Florida’s most affluent markets.

COFE Properties, Miami, purchased the property on northeast 191st Street in Aventura, Fla. JPMorganChase provided the 10-year fixed-rate loan with partial interest-only at a 73 percent loan-to-value ratio.

Foschini said the building’s location across from Aventura Mall, its frontage along the William Lehman Causeway and its proximity to Sunny Isles’ condominium communities drive demand for the property.