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Grover Corlew Lands Refi on 223K-SF Deerfield Beach Office Park
Grover Corlew has refinanced Hillsboro Center, a 223,716-square-foot office park in Deerfield Beach, Fla. A two-year, $30 million senior loan was originated by BankUnited and arranged by JLL Capital Markets.
Commercial Search reports Grover Corlew acquired the two-building office park in 2019 for $32.5 million from TriGate Capital. The office park was completed in the 1980s.
Grover Corlew has invested $10 million over the past three years to renovate and reposition the asset. The 97% leased office park has one six-story building at 600 W. Hillsboro Blvd., totaling roughly 116,250 square feet, and one two-story building totaling about 99,850 square feet. Grover Corlew plans to redevelop a portion of the site with a 360-unit multifamily community known as Maya Hillsboro.
The JLL Capital Markets Debt Advisory team that arranged the financing was led by Paul Stasaitis and Paul Adams.
- ◦Financing
