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| 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
949.278.6224
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