The locally based investment company, managed by Boca Raton developer James E. Goldstein, retained Michael Kavanau and Barbara O'Donoghue, mortgage brokers in the Boca Raton offices of Holliday Fenoglio Fowler, to arrange the five-year, fixed rate financing package through Nationwide Life Insurance Co.
This is the second round of financing that Holliday Fenoglio Fowler has arranged on the 24-acre site, which Goldstein acquired in 1999 for about $27.5 million or $1.15 million per acre ($26.30 per sf).
"The owners have done a tremendous job of redeveloping and tenanting this strategically located asset," says Kavanau, a senior managing director. "The owners have completely renovated the property which is now the best value-oriented office option in Cypress Creek."
Constructed in 1983, the property now has occupancy of about 96%. Anchor tenants include Bank of America, ECI Telecom and City College.
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