Park Central Business Park
Senior Director Jason Hochman Secured an $11.2 Million Loan for Broward County Flex Portfolio
Cushman & Wakefield Senior Director Jason Hochman represented KEI Properties in securing an $11.2 million permanent, fixed-rate loan from Wells Fargo. Cushman & Wakefield Executive Director Scott O’Donnell, Senior Associate Greg Miller and Senior Director Dominic Montazemi, in conjunction with Executive Directors Richard F. Etner Jr. and Christopher Metzger, had previously negotiated the cash sale of the asset to KEI Properties in November 2016.
“Our client was looking for a fixed-rate loan with the lowest possible interest rate and most flexibility,” said Hochman. “After presenting the opportunity to several lenders, we found the best of all worlds. The loan has a very low long-term fixed rate, pre-payment flexibility and an interest-only period.”
Added Hochman, “We negotiated some additional ‘bells and whistles’ that really make this loan stand out. It also helped that our client has a terrific record in managing his properties and had clearly done so at Park Central thus far. The new loan allows KEI Properties to enjoy terrific returns going forward with flexibility to sell individual buildings should the opportunities arise.”
The six-building, 184,387-square-foot portfolio offers 70 percent overall office build-out, a mix of 40 grade-level and dock-high loading entries, warehouse clear heights ranging from 14 to 24 feet and ample parking (3.3 spaces per 1,000 rentable square feet). The buildings were developed between 1982 and 1986 on a total of 14.47 acres.
The six buildings comprising the portfolio are located at 2200, 2100, 3800–3890, 3700
The South Florida Commercial Team of O’Donnell, Montazemi, Miguel Alcivar, Miller and Hochman has closed more than $625 million in sales and financing over the last 18 months. Please visit www.
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Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.