Developed about three decades ago on a 34-acre parcel, the refinanced property--also known as the Security West complex--is comprised of a two-story office structure that is linked to a six-story office tower. The General Services Administration has a long-term lease on the property, which has served as home to the Social Security Administration since the walls went up on the property in 1972. The lease was renewed in March of this year at a rate of $17.79 per-sf, or an annual $12.75 million, and is now due to expire November 1, 2018. Security Land's general partner, Cafritz Interests Inc., negotiated the lease renewal deal for current SSA tenant, the Office of Disability and International Operations.

Security Land plans to use part of the loan funds to pay off an existing debt from 1994, institute capital improvements at 1500 Woodlawn, and to make a distribution to Security Land partners. One such partner, Jensen Beach, FL-headquartered Regency Affiliates Inc., will receive $41 million as a result of the refinancing transaction. "We have worked very hard with Security Land's general partner [Cafritz Interests] to maximize the value of this investment to Regency's shareholders," explains Regency chairman and CEO Laurence S. Levy. Regency acquired a limited partnership interest in Security Land in 1994.