Miami Metro MOB Lands $31M Loan | Commercial Property Executive
Berkadia Secures $31M Loan for Medical, Research Facility Near West Palm Beach | REBusiness Online
JUPITER, Fla. – August 3, 2017 – Berkadia has arranged a $31.04 million bridge loan for the owners of Jupiter Medical & Technology Park, a medical office building and research facility located in Jupiter, Florida. Berkadia’s South Florida Senior Managing Director Charles Foschini and Managing Director Christopher Apone arranged a three-year, floating rate bridge loan at a competitive interest rate on behalf of the borrower, Biscayne Atlantic. Silverpeak Argentic provided the loan.
“The borrower acquired the property in 2014, leased up the vacant space and succeeded in getting entitlements for a large amount of land which had value separate and apart from the building,” explained Foschini.
“What the borrower couldn’t predict was that the largest tenant, GE Medical Systems, would consolidate to a market outside of Florida. It took a value-oriented lender to see through that issue, the potential value of the entitlements, the consistency of credit income, and the owner’s willingness to aggressively re-let the GE space. Silverpeak’s loan provides all the capital necessary for the owner to see the original business plan to fruition as Jupiter continues to evolve as a medical and technological hub.”
Located at 1701 Military Trail, Jupiter Medical & Technology Park was built in 1990 and has approximately 186,000 rentable square feet. Major tenants include Florida Turbine Technologies and Jupiter Medical Center. Conveniently located between Old Dixie Highway and I-95, the facility is well-positioned in a strategic location at the center of Jupiter’s burgeoning life sciences research sector.