Berkadia secured a $25 million loan for the acquisition of Summit at Southpoint, a 260,664-square-foot suburban office complex located in Jacksonville. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s South Florida office arranged the loan on behalf of Rose & Berg Realty Group, a real estate investment and management firm based in New York City.
Summit at Southpoint is located in Jacksonville’s Southside Office Market and includes four contemporary three-story office buildings. The development was 82 percent occupied at the time of sale and is designed to provide a high degree of accessibility with its location adjacent to Interstate 95. Tenants include US Bank/FSV, Chicago Title Insurance Company, BB&T, Windstream, Occenture and Keiser University.
NXT Capital provided an aggressive three-year loan with an extended interest only period and 72 percent loan to cost.
“Jacksonville, like the rest of the state, has emerged as a much more dynamic employment market than in past cycles,” said Foschini. “Both the buyer and the lender recognized that in the opportunity to acquire a well located asset with a strong anchor in existing tenancy. The views, parking, layout and highway exposure should prove to be a strong draw in finalizing the lease-up of the building and in renewing the existing tenants. The lender provided aggressive terms and sufficient capital to allow the borrower to lease-up the space and provide necessary improvements to continue to make Summit a highly attractive office location for years to come.”
Located at 6410 Southpoint Parkway, Summit at Southpoint was built in 1988, 1991 and 1998. The complex is situated on 23.4 acres and offers lake frontage, a gym, and a recreational gazebo. Summit at Southpoint is also on St. Vincent's Hospital power grid, which is the first to regain power in Jacksonville, an important feature for Summit’s tech tenants.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets. To learn more about Berkadia, please visit www.berkadia.com.
