Plantation's A.C.E.S. Building Gets $9.3M for Upgrades

MIAMI-Union Bank, based in Fort Lauderdale, has provided $9.3 million in permanent financing for the conversion and renovation of the 88,000-sf A.C.E.S. office building in Plantation, FL. Changes to the former Levitz furniture company retail showroom and warehouse were needed to convert the building from retail to office use for the new tenant, an unspecified public-sector operation. The building is located on 6th Street in Broward County. The total project cost was approximately $13 million.

The financing was arranged by Atlanta-based Primary Capital Advisors, a real estate finance and service company, with an initial interest rate in the low 4% range. “We recognized the potential of the property, the strong market and the quality of having a long-term lease in order to secure financing,” Todd Cohen, vice president and manager of Primary Capital’s Florida operation, said in a statement. The property owner is 7795 Development Corp., a Margate, FL-based investor.