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Investor Duo Lands $96M Refi on S. Florida Office Tower
A joint venture including Vanderbilt Office Properties and Trinity Capital Advisors procured a $96 million refinancing on the Northbridge Centre, a 294,493-square-foot office tower in South Florida.
Northbridge Centre is located at 515 N. Flagler in West Palm Beach. Currently, the property is 92% leased to a diverse roster of 48 tenants.
The investment group renovated the 21-story office building with over $18 million of recent capital investment including multi-tenant floor renovations, speculative suite buildouts, elevator and lobby renovations, and exterior upgrades.
CBRE’s Amy Julian and Andrew Chilgren represented the borrower. BMO originated the loan. Mr. Chilgren is bullish on the West Palm Beach rental scene, “Since the end of 2020, Class A vacancy has dropped 900 basis points to just 9.8%, while rents have simultaneously increased by more than 50%.”
The property offers tenants three on-site dining venues, a rooftop amenity deck, a fitness center, and a conference facility.
- ◦Financing
