One building is the 14-story, 68,597-sf Harvey Building at 224 Datura Street in West Palm Beach. It is 84% leased. Another is the 57,000-sf, three-story building known as 6801 Lake Worth Road in Lake Worth, FL. This property, which includes a free-standing Wachovia Bank branch, is 98% leased.
The third building is 5700/5702 Lake Worth Road in Greenacres, FL. This property includes a three-story, 43,500-sf office building (5700) and a 7,500-sf, one-story commercial strip center (5702). Both buildings are 100% leased.
"This financing recapitalized the borrower's office portfolio and allows for the conversion to a fixed-rate mortgage at any time within the loan term," Hoffmann says in a statement.
Senior managing director Kurt Hoffmann of the Boca Raton, FL office of Holliday Fenoglio Fowler LP, a commercial mortgage banking firm, arranged the five-year, adjustable-rate financing on behalf of The David Associates, a real estate development company.
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