Florida & Gulf Coast + South Florida + Finance | March 18, 2021

CushWake Secures $18M Refinancing for Boca Raton Office Property

Cushman & Wakefield has arranged an $18 million loan to refinance 1499 Palmetto Place, a four-story office building in Boca Raton.

The 269,000-square-foot office building is located directly east of Interstate 95 at the Palmetto Park Road Interchange. The property is currently 92% occupied, benefitting from a recently completed $10 million gut renovation which revitalized the interior with Class A finishes throughout.

Jason Hochman, Mike Ciadella and Ron Granite of Cushman & Wakefield’s Equity Debt and Structured Finance team secured the new fixed-rate, non-recourse loan through Grant Street, a national balance sheet lender. The borrower was Grover Corlew.

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Grover Corlew

About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.

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