Done Deals: HFF announces $20 million financing of Palm Beach Post in West Palm Beach, FL

Monday, March 4, 2019

HFF announces $20 million financing of Palm Beach Post in West Palm Beach, FL

Palm Beach Post Building, 2751 South Dixie Highway,
West Palm Beach, FL

MIAMI, FL, March 4, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces $20.30 million in financing for the Palm Beach Post mixed-use building totaling approximately 360,000 square feet in West Palm Beach, Florida.

Scott Wadler

The HFF team worked on behalf of the borrower, Tricera Capital, to secure the 24-month, floating-rate loan through Vaster Capital.

Loan proceeds are being used to close on the off-market acquisition and reposition the asset.

The Palm Beach Post property, located at 2751 South Dixie Highway, is situated at the corner of U.S. Route 1 and Belvedere Road, both primary vehicular arteries in the market, and minutes from the Palm Beach International Airport.

The versatile, mixed-use asset comprises three main components, including ±230,000 square feet of office space across three buildings; a ±120,000-square-foot warehouse building; and an additional 3.66-acre lot currently being utilized as surface parking.

Matthew McCormack

HFF’s debt placement team representing the borrower included senior director Scott Wadler and associate Matthew McCormack.

“The vast wealth in the neighboring island of Palm Beach has begun to swell west of the intracoastal Waterway into Downtown West Palm Beach,” Wadler noted. “The Palm Beach Post property will benefit from the evolution of the CBD, while still remaining a value proposition relative to current office stock within the market.”

Scott Sherman, Co-Founder and Managing Principal of Tricera Capital added, “We are pleased to expand our portfolio across South Florida with this new acquisition and re-activate this amazing asset for the city and the Dixie Highway corridor.”