Berkadia announces it has secured a $24 million bridge loan to refinance a 269,843-square-foot office portfolio in Clearwater and Fort Lauderdale, Fla. The three-property portfolio consists of Arbor Shoreline and Countryside Corporate Centre, both in Clearwater, and Galleria Corporate Center in Fort Lauderdale.
Managing Director Rebecca Van Reken and Associate Director Alec Fox of Berkadia Orlando secured the financing on behalf of Grove Gate Financial, a private real estate investment company based in Fort Lauderdale, FL.
The fixed-rate bridge loan recapitalized the 46 percent leased portfolio and provided future funding for ongoing lease-up costs.
“It was a pleasure working with Rebecca and her team,” said Grove Gate Financial’s president Brad Weiss. “Their hard work and expertise introduced us to lenders we never would have found otherwise, and we were able to secure a loan that met all of our financing objectives.”
“This portfolio is composed of recently renovated office properties within some of the most attractive markets in the country,” said Van Reken. “Grove Gate acquired the properties in 2018 and 2019 at an attractive basis and has invested significant additional capital to refresh the assets and make them attractive for new tenants. This strategy has paid off in the form of leasing activity – since the beginning of the pandemic they’ve signed over a dozen leases.”
Located at 19321 US Highway 19 North, Arbor Shoreline is centrally located in the heart of the Bayside submarket and is highly convenient to attractive residential areas and the Tampa International Airport. Built in 1975 and renovated in 1987 and 2020, the beautifully landscaped 6.75-acre campus comprising three buildings totaling 79,258 square feet, and features mature trees, historic architecture and sweeping views over Old Tampa Bay.
Located at 2536 Countryside Boulevard, Countryside Corporate Centre was built in 1974 and renovated in 1991 and 2021. It consists of one six-story building totaling 90,683 square feet and features renovated common areas, a renovated exterior, and a new roof. Situated in the heart of North Pinellas County, near many affluent neighborhoods and a wide variety of retail and restaurants, it is less than a half hour away from the Tampa International Airport and Clearwater Beach.
Located directly across from The Galleria at Fort Lauderdale mall at 2455 East Sunrise Boulevard, Galleria Corporate Center was built in 1973 and renovated in 2007. The loan collateral consists of 99,902 square feet located within the 13-story office building. The property offers conveniences including structured parking with valet service, an on-site café, conference rooms, and move-in ready suites. Situated close to multiple affluent Fort Lauderdale neighborhoods, it is within walking distance to grocery stores, restaurants and the Fort Lauderdale Beach, and 15 minutes away from the Fort Lauderdale-Hollywood International Airport
All three properties have space immediately available for lease. For leasing information please contact Grove Gate Financial at 954-756-6300.
About Grove Gate Financial:
Grove Gate Financial is a fully integrated private real estate investment company with over 30 years of experience in the sourcing, underwriting and managing of a broad range of real estate equity investments and debt products throughout the United States. Their primary investment activities include managing a series of private real estate investment funds on behalf of third-party investors. These funds, branded under their Main Street affiliate, currently own and manage a portfolio of over 1.7 million SF of real estate. In addition, affiliated Grove Gate companies provide vertical integration via loan servicing, accounting, property management, brokerage, title, advisory, and other services to investors and lenders.
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.