Done Deals: HFF arranges $38.2 million refinancing of Sawgrass Lake Center in Sunrise, FL

Sunday, October 5, 2014

HFF arranges $38.2 million refinancing of Sawgrass Lake Center in Sunrise, FL

Sawgrass Lake Center, 13450 West Sunrise Boulevard, Sunrise, FL

MIAMI, FL – HFF announced it has arranged a $38.2 million refinancing for Sawgrass Lake Center, a 239,373-square-foot, Class A office building in Sunrise, Broward County, Florida.

Working on behalf of the borrower, a joint venture between CNL Commercial Real Estate and Long Wharf Real Estate Partners, HFF placed the interim loan with a portfolio lender.

Paul Stasaitis

Loan proceeds will be used to encumber the property with senior financing and provide future funding for tenant improvements and leasing costs. The borrower acquired the property in March of 2014 in a sale also closed by HFF.

Sawgrass Lake Center is located at 13450 W. Sunrise Boulevard adjacent to the DoubleTree by Hilton hotel and just south of the Sawgrass Mills Mall, the second most visited tourist attraction in the state of Florida behind Disney World.

Completed in 2001, the property sits on 6.9 acres and includes a 1,083-space, five-level parking garage. Sawgrass Lake Center is 84 percent leased to a host of national tenants.

The HFF debt placement team representing the borrower was led by senior managing director Paul Stasaitis, director Chris Drew, associate director Jorge Portela and real estate analysts Jose Carrazana and Maxx Carney.

Chris Drew

Through the end of second quarter 2014, HFF’s debt placement team has secured more than $2.9 billion in loan placements for office assets nationally. In Florida, HFF has closed more $83 million in office transactions across all capital markets platforms over the same period.

“2014 has marked a significant increase in demand from both investors and lenders in the office sector evidenced by the fact that there were a number of top-tier senior lenders that competed to provide a loan for this best in class office asset.

"As a result, the terms obtained materially exceeded what we anticipated prior to taking the loan request to market,” said Drew.

CNL Commercial Real Estate is full service real estate operating company that offers a full range of commercial real estate services, including leasing and management, tenant representation, project management, facilities management and brokerage services, as well as a development and investment platform. It operates in all sectors of commercial real estate, including office, retail, industrial and multifamily.