Aegon Realty Advisors, a US commercial real estate lender, provided the fixed-rate financing. Paul Whalen and Joshua Schrager of Whalen Realty Capital LLC in Hollywood, FL, arranged the transaction for Blumberg/Brickell Ltd., which is owned by American Ventures Realty Corp. The 14-story building was more than 97% leased at the time the funding was obtained.
"The combination of outstanding sponsorship, low leverage and future appreciation of this asset due to the improving location and below-market rents made this loan a great addition to Aegon's loan portfolio," Schrager says in a statement.
James W. Shindell, a partner in the full-service law firm Bilzin Sumberg Baena Price & Axelrod LLP, and Marina Luybimova, an associate in the firm, represented the owner in the refinancing transaction.
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