One Clearlake

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WEST PALM BEACH, FL—JLL Capital Markets arranged $39 million infinancing for One Clearlake, a 221,079-square-foot, Class A officetower in West Palm Beach, Florida. The borrower is a joint venturebetween Velocis and CREC Capital. The loan was secured throughPrime Finance. The joint venture purchased the building in 2017. Itwas constructed in 1986.

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Maxx Carney, JLL director, tells GlobeSt.com that a recentmulti-million-dollar transformative renovation of the building'slobby gives it a modern look.

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"They added a lot of common area amenities, including aconference center, fitness facility and an onsite café," hesays.

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Notable tenants include the State of Florida, MassMutual,Prudential, the Aon Corporation and BB&T.

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One Clearlake is located along South Australian Avenue in thehigh growth West Palm Beach market featuring water views of theAtlantic Ocean and Clear Lake.

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The deal came together nicely despite the hurdles presented bythe current coronavirus situation, according to Carney.

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"It is certainly very challenging to put together any realestate deal, particularly on the financing side where a lot ofcontingencies hang," he said. "With this specific transaction, wehad a great borrower, a great piece of real estate and a phenomenallender. They are one of the premier lenders in the marketplace andfocused on doing what they say. They didn't waiver once until wegot to the finish line."

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