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Palladium at CityPlace Gets $105M Loan

WEST PALM BEACH, FL-The first mortgage and mezzanine loan proceeds are being used to refinance the original construction loan on the development, which was completed in 2001. The Ackman-Ziff Real Estate Group LLC arranged the financing through a Wall Street investment bank.

By Melissa Bogdany | Updated on September 19, 2003

WEST PALM BEACH, FL-The Palladium at CityPlace, a 600,000-sf mixed-use development Downtown has obtained a $105 million first mortgage and mezzanine loan. The loan proceeds will be used to refinance the original construction loan on the development, which was completed in 2001.

The Ackman-Ziff Real Estate Group LLC arranged the financing for an entity controlled by The Related Companies, The O’Connor Group and The Related Group of Florida.

Ackman-Ziff secured an interim first mortgage and mezzanine loan from a Wall Street investment bank. The interest rate is floating over LIBOR. This was the fourth financing that Ackman-Ziff, which represented the borrowing entity exclusively, secured for the managing member of the borrower’s general partner.

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