MIAMI—Ivy Realty just won a $35.9 million acquisition loan to buy Tower 101 in Downtown Fort Lauderdale, FL. Tower 101 is a 227,764-square-foot, two-building office property at 101 Northeast 3rd Avenue. Ivy paid $56 million for the office building.

Charles Foschini and Christopher Apone of CBRE‘s Miami office arranged the non-recourse, balance sheet loan through Bank of America. BofA structured a three-year term with extension options, at a 64% loan-to-value ratio and a competitive floating rate over LIBOR.

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