FORT LAUDERDALE, FL—Ivy Realty of Greenwich, CT has secured a $56-million first mortgage bridge loan for its One East Broward Blvd. office tower here.

The loan for the 343,551-square-foot office property was arranged by CBRE Capital Markets' Debt & Structured Finance and provided by Blackstone. CBRE worked on behalf of Ivy Realty to secure a three-year, floating rate, interest-only, non-recourse bridge loan with two one-year options.

The 19-story One East Broward Blvd. building was 82% occupied at closing. The loan was facilitated by Jason Gaccione, senior vice president, debt & structured finance, of CBRE's New York City office. Local market expertise was provided by Charles Foschini, vice chairman, and Chris Apone, first vice president, of CBRE's Miami office.

“Since its acquisition in 2011, Ivy completed nearly $4 million in building upgrades and more than 100,000 square feet of leasing, while capturing 33% of all suburban tenants that relocated to Broward Boulevard during that time,” CBRE's Gaccione says. “Blackstone was attracted to these strong results and recognized the additional upside that would continue to be fueled by growing market fundamentals, and the mass transportation hub—All Aboard Florida station—being developed adjacent to One East Broward.”