Dealmaker: Dockerty Romer & Co. Arrange $58M for Office, Hotel, Industrial Properties
Dockerty Romer & Co., Delray Beach. Fla., arranged $57.6 million for two Pennsylvania office buildings, a Florida oceanfront hotel and three Florida industrial properties.
Dockerty Romer Principals Craig Romer and Chris Romer arranged $29 million in permanent financing for two Bluebell, Pa. office buildings for client Keystone Property Group, Conshohocken, Pa. IH Capital, New York, provided the five-year fixed-rate mortgage.
The subject property, known as VEVA 16/18, includes two four-story multi-tenant buildings totaling 193,000 square feet.
In New Smyrna Beach, Fla., Dockerty Romer Director Michael McCleary arranged $14.8 million in construction financing for a four-story 114-room oceanfront Springhill Suites By Marriott. A Florida community bank funded the five-year interest-only loan at 4.25 percent. The loan converts to a 25-year fully amortizing loan upon project completion.
“Several local and national lenders threw their hat in the ring, but most were only able to offer a floating rate during construction and not willing to fix the rate until the hotel opened for business,” McCleary said. “The developer and their investors were adamant in their need for a fixed rate from day one in order to avoid future interest rate risk impacting their internal rate of return model.”
Company Principal Bob Dockerty and Director Joe Hepp also arranged $13.8 million and a future funding facility for a 532,000-square-foot St. Petersburg, Fla. industrial portfolio that included Westbay Corporate Center, MetroPointe Commerce Park and Joe’s Creek Industrial Park.
Dockerty and Hepp arranged the financing–which included a funding facility for future tenant improvements and leasing commissions–through Bank of the Ozarks, Little Rock, Ark.
Hepp said the 67 percent occupied portfolio provides upside opportunity. “Our client is very bullish on the St. Petersburg industrial sub-market,” he said.