Berkadia Arranges $24M Recap of FL Office Portfolio for Grove Gate
Berkadia has secured a $24-million bridge loan to refinance a 269,843-square-foot, three-office property portfolio on behalf of Fort Lauderdale-based Grove Gate Financial. The fixed-rate bridge loan recapitalized the 46%-leased portfolio and provided future funding for ongoing lease-up costs.
“Grove Gate acquired the portfolio properties in 2018 and 2019 at an attractive basis and has invested significant additional capital to refresh the assets and make them attractive for new tenants,” said Berkadia managing director Rebecca Van Reken. “This strategy has paid off in the form of leasing activity – since the beginning of the pandemic they’ve signed over a dozen leases.”
Grove Gate’s Galleria Corporate Center in Fort Lauderdale consists of 99,902 square feet located within a 13-story office building. Over on the west coast in Clearwater, the firm’s Arbor Shoreline comprises three buildings totaling 79,258 square feet while Countryside Corporate Centre consists of one six-story building totaling 90,683 square feet.
Photo: Galleria Corporate Center