Mel Roth, president of International, says the 30-month, interest-only financing is for the purpose of refinancing existing GE Commercial debt and providing additional funds for restoration. He says GE originally made construction loans on the buildings to two other developers in the 1980s, both of which failed before lease-up and completion.
The properties are Bank of America Plaza, a 115,000-sf building at the intersection of Palmetto Park Road and Powerline Road, and 301 Yamato Building, a 206,000-sf building one block west of Federal Highway. Following the original developers' failure, Stoltz acquired both properties from GE, finished developing them and completed successful lease-up.
Stoltz develops and operates several income properties in Florida and throughout the mid-Atlantic. Roth says Union Bank based its lending decision on these properties' locations and Stoltz's experience, and executed the transaction within the short timeframe required by GE and the borrower. Roth's firm also assisted in the syndication of the cross-collateralized bridge financing.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.