The Boca Corporate Center will receive an $18.1 million CMBS loan to refinance the office/retail complex. Concord Summit Capital, LLC arranged the deal with Director Justin Neelis serving as the advisor and sourcing the financing on behalf of the owner, Berta Management Florida, along with Concord Summit Senior Financial Analyst Daniel Rojo.
The 8,620-square-foot retail plaza is located at 7775 Glades Rd., with Starbucks and FedEx anchoring the retail aspect and the office portion nearly 100% leased with professional firms and executive suite tenants.
“With future uncertainty of interest rates, this was an opportunity for the owner to pay off an existing mortgage nearing maturity, lock in a new fixed rate and take cash out,” Neelis says. “We are finding that the environment we are in is prompting many real estate owners to evaluate all options on the table when it comes to financing or refinancing their assets. Things have become tremendously more complex than a year ago.”
This financing is the second loan Concord Summit arranged on behalf of Berta Management Florida. In March, the company also closed on a $16 million financing package for the Bed Bath and Beyond Plaza in Delray Beach. A portion of the proceeds was used to develop a Starbucks outparcel recently opened to the public. Berta owns 13 retail plazas, office buildings and hotels throughout the tri-county region.
