Holliday Fenoglio Fowler Arranges $14.1 Million Refinancing for Three Palm Beach County Office Buildings.Business Editors BOCA RATON Boca Raton (bō`kə rətōn`), city (1990 pop. 61,492), Palm Beach co., SE Fla., on the Atlantic; inc. 1925. Boca Raton is a popular resort and retirement community that experienced significant industrial development in the 1970s and 80s. , Fla.--(BUSINESS WIRE)--Jan. 16, 2003 The Boca Raton office of Holliday Fenoglio Fowler, L.P., the nation's leading commercial mortgage banking firm, arranged a $14.1 million refinancing Refinancing An extension and/or increase in amount of existing debt. loan for three Palm Beach county office buildings: The Harvey Harvey, city (1990 pop. 29,771), Cook co., NE Ill., a suburb S of Chicago; inc. 1895. Its manufactures include steel castings, metal products, chemicals, machinery, and electronic equipment. Harvey has an oil research center. The city was founded by Turlington W. Building, 6801 Lake Worth Road and 5700/5702 Lake Worth Road. The properties are located in West Palm Beach, Lake Worth and Greenacres, Florida respectively. Senior Managing Director Kurt Hoffmann arranged the five-year, adjustable-rate financing on behalf of The David Associates through South Trust Bank, a bank/thrift lender. The David Associates is a real estate development company with properties in Florida totaling over 600,000 square feet. The three buildings included in the portfolio total 176,567 square feet. The Harvey Building is a 14-story building at 224 Datura datura, n See jimsonweed. Datura a genus of toxic plants in the family Solanaceae; contain tropane alkaloids including hyoscine (scopolamine), hyoscyamine, atropine which cause excitement, restlessness, pupillary dilation, dryness Street. It offers 68,597 square feet of space and is 84% leased. 6801 Lake Worth Road is a 57,00-square-foot, three-story office building. The property includes a free-standing free-standing Managed care adjective Referring to a physically and, often, financially discrete entity–eg, a surgical center, that is separate from, but may be affiliated with, a hospital; FS facilities may provide ambulatory surgery, emergency or Wachovia Bank Branch and is 98% leased. 5700/5702 Lake Worth Road is in Greenacres, Florida. This property is improved with a three-story office building (5700) containing 43,500 square feet, in addition to a 7,500-square-foot single-level commercial strip center (5702). Both 5700 and 5702 combined are 100% leased. "This financing recapitalized the borrower's office portfolio," said Hoffmann, "and allows for the conversion to a fixed-rate mortgage at any time within the loan term." With 19 offices nationwide, Holliday Fenoglio Fowler, L.P. is one of the country's largest real estate capital intermediaries. Since 1998, the firm has capitalized Capitalized Recorded in asset accounts and then depreciated or amortized, as is appropriate for expenditures for items with useful lives longer than one year. debt, equity, structured finance and investment sales transactions of in excess of $59 billion. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion