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Concord Summit Capital Brokers Loan for Boca Office/Retail Property

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. 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.