BH Group and PEBB Enterprises closed an $89.88 million financing transaction for The Eclipse, a mixed-use redevelopment, in Boca Raton (formerly known as the Office Depot headquarters). The new loan is provided by City National Bank, with Abanca as the participant.

The project encompasses over 405,000 square feet of existing office space across two buildings, two ground-up retail and restaurant outparcel buildings totaling approximately 21,500 square feet, a nearly 37,000-square-foot Equinox gym and 500 multifamily units. BH and PEBB recently closed on a $50 million land deal in Boca Raton, which has cleared the way for construction of the 500-unit rental community

BH and PEBB are partnering on the office and retail components of The Eclipse. The companies are developing the residential component in partnership with Related Group. Berkadia’s Scott Wadler and Mike Basinski arranged the financing for this deal.

Notable office tenants include Atlantic | Pacific Companies, Kanner & Pintaluga, MN8 Energy and ODP Corp.

On December 4^th, find out what’s really happening in today’s deal ecosystem at Connect Southeast Multifamily when the industry’s leaders unpack where capital is going, how underwriting is evolving, and what creative financing strategies are gaining traction in this shifting landscape. Register to be there at www.ConnectSEMF2025.com