FORT LAUDERDALE, FL—Sawgrass Lake Center, a 239,373-square-foot, class A office building in Sunrise, FL, has secured a $38.2 refinancing loan. CNL Commercial Real Estate and Long Wharf Real Estate Partners own the center in a joint venture.
HFF senior managing director Paul Stasaitis, director Chris Drew, associate director Jorge Portela and real estate analysts Jose Carrazana and Maxx Carney, represented the borrowers. HFF placed the interim loan with a portfolio lender. CNL and Long Wharf will use the funds to encumber the property with senior financing and provide future funding for tenant improvements and leasing costs.
“2014 has marked a significant increase in demand from both investors and lenders in the office sector evidenced by the fact that there were a number of top-tier senior lenders that competed to provide a loan for this best in class office asset,” Drew tells GlobeSt.com. “As a result, the terms obtained materially exceeded what we anticipated prior to taking the loan request to market.”
Sawgrass Lake Center is located at 13450 West Sunrise Boulevard next to the DoubleTree by Hilton hotel and just south of the Sawgrass Mills Mall, which is the second most visited tourist attraction in the state of Florida behind Disney World. Completed in 2001, the property sits on 6.9 acres and includes a 1,083-space, five-level parking garage. Sawgrass Lake Center is 84% leased to a host of national tenants.
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