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$90M Loan Refinances Divosta Towers in Palm Beach Gardens
Berkadia has secured a $90-million loan to refinance the Divosta Towers, two newly built luxury office towers on PGA Boulevard totaling 217,208 square feet in Palm Beach Gardens, FL.
Charles Foschini, Scott Wadler and Robert Iudice of Berkadia Miami secured financing on behalf of the owner, Gatsby Florida. Deutsche Bank provided the loan.
The property was in the final stage of its lease up when the refinance effort was launched, during which time it achieved strong leasing velocity and was stabilized by closing. Tenants include J.P Morgan, Stifel, NFP and Virtu Financial.
The 2019- and 2020- completed towers feature 10-foot ceilings with floor-to-ceiling windows, attached garage with direct access to lobby and suite floors, car charging stations, courtyard, on-site owner management and high-speed elevator system.
The property offers immediate access to I-95 and the Florida Turnpike and is surrounded by more than 2.5 million square feet of high-quality retail including the Gardens Mall.
- ◦Financing
