ValueXpress obtained a $3.7-million first-mortgage loan that was utilized to refinance existing debt secured by a 25,400-square-foot multi-tenant office building located in Boca Raton, Florida. The property, constructed in 2006, is currently 87% occupied by 16 tenants, primarily local professional firms. The exterior of the building is white stucco and glass, and it provides covered tenant and visitor parking under the structure.
The property is located on North Federal Highway (also known as U.S. Route 1) in Boca Raton, with immediate access to points North and South via I-95, one-quarter mile west of the property. Furthermore, the property is located on the 79th Street canal. Many of the offices have views of the Intracoastal waterway, including the magnificent boats and restaurants on the waterfront.
“The transaction had its challenges,” noted Gary Unkel, the ValueXpress originator on the transaction. “The tenant leases are very short, some only year-to-year, and some of tenants at the property did not match the business names on the leases. I worked with the sponsor to get these matters cleared up and convinced the chief credit officer that the outstanding location will always provide strong demand for space at the property.”