Boca Raton office lands $19.4 million financing

Glades Twin Plaza, a two-building,
Class A office complex totaling
97,815 square feet in Boca Raton, FL

 

MIAMI, FL, May 28, 2021 – JLL Capital Markets announced today that it has arranged $19.4 million in financing for Glades Twin Plaza, a two-building, Class A office complex totaling 97,815 square feet in Boca Raton, Florida.

Brian Gaswirth

JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan. The non-recourse financing consists of an initial and future funding totaling $19.4 million.

 Glades Twin Plaza is positioned on 5.3 acres at 2300 Glades Rd. in the primary office node of the Boca Raton West submarket.

The property is part of the larger Glades Plaza mixed-use development, also owned by Sterling Organization, which offers an exceptional line up of retail shops and restaurants.

Additionally, the asset is adjacent to Town Center, a regional mall offering best-in-class restaurants and retailers.

 Chris Drew

Glades Twin Plaza has outstanding regional connectivity boasting immediate access to Interstate 95, which is adjacent to the property, and easy access to the Florida Turnpike less than three miles away.

 The JLL Capital Markets team representing the borrower was led by Senior Managing Director Chris Drew, Managing Director Brian Gaswirth, Director Michael DiCosimo and Associate Reid Carleton.

 “We had a strong field of lenders show up to finance Glades Twin Plaza due to a best-in-class sponsor and the robust demand for office in South Florida, which we’ve seen from both lenders and buyers,” DiCosimo said.

Michael DiCosimo 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.

The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Reid Carleton

About Sterling Organization

Sterling Organization is a vertically integrated private equity real estate firm.

Its national platform operates through two platform subsidiaries, Sterling Retail Properties and Sterling Logistics Properties.

The subsidiaries are focused on investing in LAST HOUR™ consumer fulfillment and distribution real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. 

Sterling Organization, with offices across the nation, is headquartered in West Palm Beach, FL.

CONTACT:

Kristen Murphy

 JLL Senior Manager

 Public Relations

Phone: +1 617-848-1572

Email:  Kristen.Murphy@am.jll.com