JACKSONVILLE, FL-Orlando-based Capital Partners Inc. has refinanced its651,602-sf, 87%-leased Independence Square office building Downtown for $85 million. The 37-story, landmark structure, Jacksonville's first high-rise office property when it was built in 1975, is at 1 Independence Square.
Charles J. Foschini, senior director of CBRE/Melody's Miami office, and Christian R. Lee, executive vice president of CBRE's Institutional Group, who co-brokered the loan, declined to disclose the lender's name or the interest rate. Foschini said only the lender was "a Wall Street source." Area mortgage bankers tell GlobeSt.com the interest rate on the 10-year loan is probably in the 4% to 6% range.
Foschini says the loan-to-value factor is 75%. The loan is being amortized over 30 years with an interest only portion. Foschini tells GlobeSt.com the borrower did the deal at this time "to take advantage of a favorable [interest] rate environment."
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