FORT LAUDERDALE, FL-Banyan Street Capital has obtained a $20.9-million loan from Sabadell United Bank for the acquisition of the 238,000-square-foot Tower 101 in downtown Fort Lauderdale. The company purchased the office tower for $28.4 million in a joint venture partnership with PCCP LLC.
Banyan and PCCP acquired the note and fee title on the property through a deed-in-lieu of foreclosure deal with the original borrower. The tower, located at 101 NE Third Avenue, comprises 10 floors of office space over a nine-floor parking facility. For the full story, go to Commercial Property Executive .
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