BOCA RATON, FL—PPC, LLP reports it has provided a $34-million senior loan to the purchaser of the Fountain Square office complex here.
Fountain Square Owner, LLC has acquired the three building, 241,000-square-foot office complex at 600, 2650 and 2700 N. Military Trail and has hired NAI Merin Hunter Codman, Inc. to spearhead the management and leasing of Fountain Square. CBRE and MHCapital Funding LLC arranged the financing earmarked for the acquisition and lease-up of the office property.
Fountain Square was 61% occupied at closing. Its tenant roster is predominantly made up by financing services, law, and healthcare-related firms. Over the past 12 months there have been more than 42,000 square feet of new leases signed at the property,
“This was a compelling opportunity to provide financing on a quality asset in a market with improving fundamentals and we are excited to team up with an experienced local operator that has an intimate knowledge of the asset and the submarket,” says Kevin Chin, vice president with PCCP, LLC.
The complex was constructed in phases between 1987 and 1999 and consists of three, four-story buildings with 21,000-square-foot to 25,000-square-foot rectangular floor plates that surround a landscaped central plaza with a fountain.
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