MIAMI—Ivy Realty just won a $35.9 millionacquisition loan to buy Tower 101 in Downtown Fort Lauderdale, FL. Tower 101 is a227,764-square-foot, two-building office property at 101 Northeast3rd Avenue. Ivy paid $56 million for the office building.

Charles Foschini and ChristopherApone of CBRE's Miami office arranged thenon-recourse, balance sheet loan through Bank ofAmerica. BofA structured a three-year term with extensionoptions, at a 64% loan-to-value ratio and a competitive floatingrate over LIBOR.

"Ivy Realty's strength as a borrower and experience in DowntownFort Lauderdale, coupled with the positive dynamics occurring alongBroward Boulevard, resulted in strong interest from balance sheetlenders who typically look to finance only seasoned operators andquality assets," says Foschini, vice chairman of CBRE. The 19-storyTower 101 is joined to a neighboring six-story office building by acommon lobby on the ground floor.