DORAL, FL-In its fourth recapitalization deal in Florida since May, New Boston Fund, a private equity real estate investment firm based in Boston, has acquired controlling interest in One Park Square. The 281,623-square-foot, 11-story class A office tower is located in the heart of Miami-Dade's Airport West market.

New Boston Fund is recapitalizing the asset in partnership with the previous owner, Park Square Commercial – F1 Building LLC, an affiliate of Miami-based Shoma Development Corporation and Shoma Homes. As a part of the recapitalization, New Boston and Shoma Group paid off the existing debt and will fund the project’s leasing and operating costs moving forward. Terms of the deal were not disclosed.

"This transaction allows the building to begin moving forward," Pryse Elam, southeast regional director for New Boston Fund, tells GlobeSt.com. "The building is now debt-free and money for tenant improvements and leasing commissions is readily available. With no debt, this is probably one of the most financially stable buildings in the market."