JACKSONVILLE, FL—The capital is flowing for Floridacommercial real estate—and CBREhas arranged significant back-to-back loans from one end of thestate to the other this week. After helping BanyanCapital and Oaktree Management secure an$87 million bridge loan against DouglasEntrance Office Park, the firm has inked a $49.8 million loan forHarbour Group to acquire the Villages of Baymeadows.

Wells Fargo of New York originated thefive-year loan. Terms include a 70% loan-to-value ratio, which isfloating over Libor. CBRE vice chairman CharlesFoschini explains how the loan was creatively structuredto match the loan prepayment of a sister property that was acquiredat the same time.

“By providing a floating rate, bank styled loan, Wells Fargo wasable to provide a cost of capital that was far below our closestcompetitive bid and provide a loan that matched the prepayment dateof the additional property, where a traditional loan was assumed,”Foschini says. “The cash-on-cash return based on this financingcombined with Harbor Group's skilled approach to operations shouldmake this asset an incredible acquisition of their fund.”