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Velocis, CREC Capital Claim $39M Financing for West Palm Beach Tower
A joint venture between Velocis and CREC Capital secured a $39 million loan for One Clearlake, a 221,079-square-foot, Class A office tower in West Palm Beach. The financing was arranged by JLL through Prime Finance.
The 18-story property is prominently located at 250 South Australian Ave. along South Australian Avenue in the high growth West Palm Beach market featuring panoramic water views of the Atlantic Ocean and Clear Lake. One Clearlake’s robust amenity package, superior accessibility and recent multi-million-dollar renovation make it one of the most compelling office properties available to tenants in South Florida.
The JLL Capital Markets team representing the borrower included Maxx Carney, Chris Drew, Ike Ojala and Cody Brais.
Carney says, “The best-in-class sponsorship, tremendously well-positioned asset and careful selection of Prime Finance, a trusted, relationship lender, resulted in a successful, timely closing despite volatility in the broader real estate capital markets.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Financing
