March 15, 2017
The owners of 625 North Flagler in West Palm Beach, FL obtained a $22.5 million senior loan to recapitalize and lease up the 108,510-square-foot office building in the CBD. Owners FRI Investors and Old Head Partners LLC bought the asset for all cash in October 2016. PCCP LLC arranged the financing through Berkadia Commercial Mortgage LLC.
Built in 1984 and situated on 1.3 acres, 625 North Flagler is 50% occupied by 16 tenants. Mount Sinai and Jupiter Medical Center will soon move in as anchor tenants and occupy ground-floor space, once occupied by Bank of America.
“With recent upgrades made to the asset, and the nearby Flagler Memorial Bridge project almost complete, this asset is poised to attract companies seeking quality office space in one of the strongest submarkets in South Florida,” said PCCP’s Kevin Chin.
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