Landmark Office Building is One of Florida's Premier Business Addresses
CBRE Capital Markets’ Debt & Structured Finance team has arranged $41 million in permanent financing for Presidential Circle, one of Florida’s premier Class A office buildings, located at 4000 Hollywood Boulevard in Hollywood, Florida.
Charles Foschini and Christopher Apone of CBRE’s Miami office arranged the loan on behalf of CDR Realty. John Hancock provided financing for a 10-year term at a 62% loan-to-value (LTV) ratio.
“While the great amount of market volatility this year has made for a challenging lending environment, it has also presented some outstanding opportunities,” said Mr. Foschini, Vice Chairman of South Florida Markets, Capital Markets, CBRE. “The key to this loan was finding a lender who recognized the quality of sponsorship and the asset’s commanding position in what most perceived to be a “micro market” within Broward County’s more institutional submarkets. In running our process, we identified several lenders with outstanding terms and one correspondent lender, John Hancock, who locked rate at application, providing our client with an enviable rate as the treasury suddenly dropped.”
Built in 1989, the glass-clad, 281,625-square-foot landmark office building dominates the downtown Hollywood skyline with two seven-story towers connected by a seven-story atrium lobby. Presidential Circle is 93% leased to 56 tenants.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
