MHCommercial Real Estate Fund and Waterfall Asset Management have refinanced Oakbrook Center in Palm Beach Gardens. The 243,000-square-foot office building, located at 11760 UW Hwy 1, was refinanced for $43 million.

Northmarq’s West Palm Beach Debt + Equity team, led by David Gahagan and Chandler Kaye, successfully arranged the financing. The funding was sourced through Deutsche Bank’s Commercial Mortgage-Backed Securities (CMBS) platform. The transaction was structured on a five-year term.

Built in 1985, Oakbrook Center features three buildings situated on 11.5 acres. The Class A office complex includes covered parking, professional on-site property management, an exclusive on-site fitness center with Peloton bikes, cardio weight equipment and showers, stacked private terraces, floor-to-ceiling windows, lush landscaping, a courtyard and water views. 

The MHCommercial/Waterfall team acquired the property, formerly known as Golden Bear Plaza, in May 2020. Since the acquisition, they have successfully implemented upgrades and capital improvements.