Berkadia announces it has secured a $90 million loan on behalf of Gatsby Florida to refinance the Divosta Towers, two newly built luxury office towers totaling approximately 217,000 square feet in Palm Beach Gardens, Florida.
Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Senior Analyst Robert Iudice of Berkadia Miami secured financing on behalf of the owner, Gatsby Florida, led by Nader Ohebshalom and Babak Ebrahimzadeh. The property was in the final stage of its lease up when the refinance effort was launched, during which time it achieved strong leasing velocity and was stabilized by closing.
Deutsche Bank provided the loan.
“The Divosta Towers are in an affluent and highly sought-after market with little office inventory and a growing tenant base resulting from a wave of corporate and executive relocations,” said Foschini. “Located at the hard corner of PGA Boulevard and A1A, the property offers its Class A global tenants a truly high-profile location in a state-of-the-art building that boasts panoramic views of Palm Beach Gardens.”
“Since we purchased the property in 2020, we were able to lease up nearly all of the vacancy in the property with credit, Class A tenants within two years, many of which are corporate and executive relocations,” said Isaac Shalom, of Gatsby Florida. “We are happy to be a part of the transformation taking place in Palm Beach County and look forward to developing more projects in the area. We are happy to be working with Deutsche Bank on this deal and look forward to growing our portfolio in South Florida.”
Located at 3825 and 3835 PGA Boulevard, Divosta Towers were completed in 2019 and 2020 and consist of two towers totaling 217,208 square feet and a connected parking structure. Tenants include J.P Morgan, Stifel, NFP and Virtu Financial. The towers feature 10-foot ceilings with floor-to-ceiling windows and no view obstruction, lots of natural light, an attached garage with direct access to lobby and suite floors, car charging stations, a courtyard and outdoor seating, on-site owner management and a high-speed elevator system.
The property offers immediate access to I-95 and the Florida Turnpike, and is surrounded by more than 2.5 million square feet of high-quality retail including the Gardens Mall, featuring 1.4 million square feet of upscale retailers; the Whole Foods-anchored Downtown Gardens; the Trader Joe’s-anchored PGA Place and the Best Buy-anchored Legacy Place. It is also proximate to several luxury residential developments and some of the nation’s’ most exclusive waterfront golf communities.
About Berkadia®:
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.
About Gatsby Florida:
Gatsby Florida is an owner, manager and developer of office, multifamily and mixed-use properties in South Florida and New York City. Since its inception over 40 years ago, Gatsby has employed a hands-on strategy to every project it has taken on to ensure its success. Gatsby is led by a team of professionals who pride themselves on their properties and capabilities. Gatsby looks forward to acquiring and developing more properties in South Florida. For opportunities, please email: deals@gatsbyfl.com
