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| 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.
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| 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.
Long
Wharf Real Estate Partners is a Boston-based private equity real estate manager
focused on value-added investments in the U.S.
Investing on behalf of
institutional clients including public and corporate pension funds, endowments,
foundations, and family offices,
Long Wharf utilizes a broad-based value-added strategy
targeting opportunities in multiple property sectors and markets across the
country.
For a complete copy of the company’s news release, please
contact:
Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell:
617-543-4873 | www.hfflp.com
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