Christian R. Lee, SVP of the CB Richard Ellis institutional group, along with Charles J. Foschini, senior director the LJ Melody & Co. South Florida office, and Richard Tarquinio, first VP of CBRE investment properties, represented BRCH in the sale. LJ Melody is CBRE's real estate investment banking arm.
In facilitating the transaction, Foschini and Lee also arranged $18.5 million in acquisition financing for the buyer. Lehman Brothers is the lender. The loan, which has an 80% loan-to-value ratio, has a 30-year amortization and a five-year term. The interest rate was not disclosed.
The class A property is located near four major hospitals: Delray Medical Center and Bethesda, which are within six miles north of the building; Boca Raton Community Hospital, less than five miles to the south; and West Boca Medical Center, which is seven miles to the southwest. Surrounding it are affluent gated residential and golf course communities, including Polo Country Club, Broken Sound, and Woodfield Country Club.
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