WEST PALM BEACH, FL—Berkadia secured a $22.491 million bridge loan for a transformational repositioning of the former Bank of America building at 625 North Flagler Drive in West Palm Beach The owners of the 110,000-square-foot office property acquired it late last year in an all-cash transaction with the intent of converting it to primarily medical use, following the departure of its bank anchor tenant. Senior managing director Charles Foschini and managing director Christopher Apone of Berkadia's South Florida office arranged the loan on behalf of the borrower group led by FRI Investors whose chief principal is Michael McCloskey. "We took a selective approach to contacting bridge lenders and found an entrepreneurial capital partner in PCCP, enabling our client to execute their vision of bringing quality healthcare providers closer to the West Palm Beach community," says Apone. "The new owners now have the necessary capital to execute their business plan of developing a medical or quasi-medical building."

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Middle Market Digest: This Week in the Florida

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