ATS Investments Inc.'s Amos T. Shoshan Sees Melbourne, Florida's Suntree Office Tower as a Value-Add Opportunity
Eastern Union Funding (Eastern Union) has arranged a $7.4 million bridge loan to facilitate ATS Investments Inc.'s $9.8 million acquisition of Suntree Office Tower, a five-story, 82,000-square-foot Class A office tower in Melbourne, Fla.
Eastern Union loan consultant Moshe Friedman originated the deal, while managing director David Betesh handled placement and negotiations. The team tapped Eastern Union's quotes and term sheets (QTS) division to secure the best terms for the client. The loan, which was placed with a large national balance sheet lender, has a term of three years on an interest-only basis.
“With office assets throughout the United States reaching peak pricing, many investors are instead seeking mismanaged assets or value-add opportunities that will allow them to purchase Class-A properties at a discount,” said Betesh. “Lenders are especially interested in this type of transaction, particularly when the buyer has a track record like ATS in buying and improving buildings that yield higher-than-average returns.”
Suntree Office Tower, located on six acres of land at 6905 North Wickham Road, is currently 88% leased to a mix of professional, medical, financial and technology companies. The value opportunity lies in leasing the remaining vacancies, and ATS Investments, Inc., is currently in discussion with potential tenants and leasing agents.
The property is one of the most prestigious and innovative Class-A office buildings in Brevard County. Built in 2006, it features amenities like a furnished lounge, waiting area off of the main lobby, an outdoor patio with seating and umbrellas, an award-winning garden area and a back-up power generator. It is located on a major city thoroughfare and is within short driving distance to all major highways and the coastline.
ATS Investments, a multi-generational real estate company led by Amos T. Shoshan, is based in North Miami Beach, Fla., with a strategy to capitalize on investments within its geographic territory. It currently owns and manages a portfolio of shopping centers and office buildings valued at $40 million throughout Florida.
About Eastern Union Funding
Founded in 2001, Eastern Union Funding is a top 10 commercial mortgage brokerage firm according to Mortgage Bankers Association’s annual survey, and one of the top 50 fastest growing companies in NYC as reported by Crain's New York Business the past two years straight. A trusted advisor to its clients and innovation leader in the commercial mortgage marketplace, Eastern Union closes an average of $3 billion in annual transaction volume nationwide. The firm’s sophisticated debt solutions are complemented by a one-of-a-kind Equity Division. Eastern Union is headquartered in New York, with offices in New Jersey, Maryland and Israel. For more on the country’s most trusted commercial mortgage brokerage, visit www.easternuc.com.
