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Leaping Lease Growth Earns $39M Refi for Class A Office in West Palm Beach
JLL has arranged a $39-million refinancing for 625 Flagler, a Class A office building totaling 108,482 square feet in West Palm Beach, FL.
Maxx Carney and Ike Ojala with JLL worked on behalf of the borrower, FRI Investors, to secure the 10-year, fixed-rate loan with Bank of America.
“The Florida migration has led to significant strengthening of an already robust office market,” said Carney. “High quality, well-located office assets like 625 Flagler will continue to flourish.”
FRI Investors acquired 625 Flagler in 2017 with the building 30% occupied. Renovations in 2018 increased occupancy to 99% with a tenant comprised of government, medical, financial and legal.
625 Flagler is on a 1.3-acre site along the Intracoastal Waterway and just over the new North Bridge from the Island of Palm Beach. The asset is near U.S. Route 1, Interstate 95, Brightline’s West Palm Beach station and Palm Beach International Airport.
- ◦Financing
