Wednesday, October 15, 2014

PCCP Provides $34 Million Senior Loan to Fountain Square owner to Acquire and Lease Up Office Complex in Boca Raton, FL

Fountain Square, Boca Raton, FL

New York, NY, Oct. 15, 2014 – PCCP, LLC announced today that it has provided a $34 million senior loan to finance the acquisition and lease‐up of Fountain Square, a three‐building, Class A office complex totaling 241,000 square feet in Boca Raton, Florida. 

The purchaser of the property Fountain Square Owner, LLC, has retained NAI Merin Hunter Codman, Inc., one of South Florida’s leading commercial real estate firms, to spearhead the management and leasing of the project.

 Located at 2600, 2650 and 2700 N Military Trail in the affluent community of Boca Raton, Palm Beach County’s second largest city and largest office market, Fountain Square was constructed in phases between 1987 and 1999. It consists of three, four‐story buildings with 21,000- to 25,000-square-foot rectangular floor plates that surround a landscaped central plaza with a fountain.

“This was a compelling opportunity to provide financing on a quality asset in a market with improving fundamentals and we are excited to team up with an experienced local operator that has an intimate knowledge of the asset and the submarket,” said Kevin Chin, vice president with PCCP, LLC.

The asset was 61 percent occupied at closing, predominantly by a mix of tenants in the financial services, law, and healthcare industries, which is consistent with the regional office market. 

Despite the economic setbacks of the recession, over the past 12 months the property has achieved strong leasing momentum, with over 42,000 square feet of new leases signed.

 The financing was arranged by CBRE and MHCapital Funding LLC.

For a complete copy of the company’s news release, please contact:

Darcie Giacchetto
Spaulding Thompson & Associates


No comments: