Dealmaker: CBRE Secures $44M for Florida, Oregon Offices
CBRE Capital Markets’ Debt & Structured Finance team secured $44.1 million for office assets in Fort Lauderdale, Fla. and Portland, Ore.
Christian Lee, Amy Julian, José Lobón, Charles Foschini and Chris Apone of CBRE’s Miami office arranged $33.3 million to refinance Cypress Financial Center, an 11-story, 197,000-square-foot office center in Fort Lauderdale’s Cypress Creek submarket.
Square Mile Capital Management, New York, provided the five-year floating-rate loan to Apollo Global Management, New York, and Steelbridge Capital, Miami.
“Since a change in ownership a little more than a year ago, impressive exterior renovations have been completed and interior upgrades are underway to cement Cypress Financial Center’s position as the premier asset within the Cypress Creek submarket,” said CBRE Vice President Amy Julian. She noted that the loan structure gives the owners flexibility to complete improvements to reach stable occupancy.
In Portland, CBRE Senior Vice President Michael Walker and Executive Vice President Brad Zampa arranged $10.8 million in non-recourse financing for three multi-tenant properties: an office building called the Merchant Hotel, the Captain Couch office building and the Norton House office building. All three assets are clustered two blocks from each other in northwest Portland’s burgeoning Old Town/China Town submarket.
CBRE secured flexible floating-rate acquisition financing from a national bank for Swift Real Estate Partners, San Francisco. Swift plans to modernize the two- and four-story buildings and stabilize cash flow by leasing vacant space and bringing in-place rents up to current market levels.
“These properties are central to Portland and on the cusp of a total renaissance,” Walker said. “The Old Town submarket is poised for continued growth and reinvestment.” He said both institutional and private capital now seek to invest in Portland because of the market’s larger yield spread, lower price per square foot, strong absorption trends and significant rent increases.
Nicknamed “The Silicon Forest,” the Portland Metro area houses tech companies including Intel, Airbnb and eBay. Portland is also a major hub for sportswear and apparel companies including Nike, Adidas and Columbia Sportswear.
