Tampa, FL – October 20, 2014 – CBRE Debt & Structured Finance originated a $39.5 million loan on behalf of IP Capital Partners of Boca Raton, FL and Fir Tree Partners of New York, to finance the acquisition of the Sabal Park Portfolio, a 518,338-square-foot complex of nine office buildings located in Tampa’s I-75 corridor. BankUnited of Tampa provided the five-year loan, which is fixed with partial interest only, at a 65 percent loan-to-value ratio.
“A bank loan was well suited to the business plan of the borrower and will allow an aggressive leasing and capital campaign as the market momentum continues to return to the area,” said Charles J. Foschini, CBRE Vice Chairman. “The low rate and non-recourse nature of the loan was reflective of both a competitive market for the debt and the strength of the borrower, who has impressively turned around several assets in Tampa over the last 18 months.”
Sabal Park’s nine buildings are centrally located in Tampa’s premier I-75 Corridor office market. The site is a 1,000-acre, master-planned business park near the strategic interchange of I-4 and I-75. Superior amenities include five restaurants, three hotels, a dry cleaner, three banks and a full-service child care facility.
The loan was led by Charles J. Foschini in collaboration with his partners Christopher Apone and Christian Lee of the CBRE Capital Markets, South Florida Institutional Properties team.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2013 revenue). The Company has approximately 44,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through approximately 350 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.