JV Secures $39M Loan for West Palm Beach Office Tower
The lender, Prime Finance, “didn’t waiver once until we got to the finish line,” says JLL’s Maxx Carney.
WEST PALM BEACH, FL—JLL Capital Markets arranged $39 million in financing for One Clearlake, a 221,079-square-foot, Class A office tower in West Palm Beach, Florida. The borrower is a joint venture between Velocis and CREC Capital. The loan was secured through Prime Finance. The joint venture purchased the building in 2017. It was constructed in 1986.
Maxx Carney, JLL director, tells GlobeSt.com that a recent multi-million-dollar transformative renovation of the building’s lobby gives it a modern look.
“They added a lot of common area amenities, including a conference center, fitness facility and an onsite café,” he says.
Notable tenants include the State of Florida, MassMutual, Prudential, the Aon Corporation and BB&T.
One Clearlake is located along South Australian Avenue in the high growth West Palm Beach market featuring water views of the Atlantic Ocean and Clear Lake.
The deal came together nicely despite the hurdles presented by the current coronavirus situation, according to Carney.
“It is certainly very challenging to put together any real estate deal, particularly on the financing side where a lot of contingencies hang,” he said. “With this specific transaction, we had a great borrower, a great piece of real estate and a phenomenal lender. They are one of the premier lenders in the marketplace and focused on doing what they say. They didn’t waiver once until we got to the finish line.”