Fort Lauderdale, FL – July 5, 2016 –CBRE Capital Markets has arranged a $75.4 million loan for the acquisition of the SunTrust Center, a 17-story, 218,635-square-foot, Class A office tower and a three-story, 44,000-square-foot annex building in Fort Lauderdale, Florida.
Christian Lee, Amy Julian and José Lobón of CBRE’s Miami office arranged the financing on behalf of Apollo Global Management and Steelbridge Capital. Blackstone Group provided the floating rate loan.
“The iconic SunTrust Center was highly pursued by many lenders. Blackstone’s loan terms and structure will allow the Sponsorship to efficiently execute their business plan to position the tower firmly amongst the Tier 1 Class A CBD office assets and transform the annex into the premier boutique office building with high-end ground level retail on Las Olas,” said Ms. Julian, Vice President, Capital Markets, CBRE.
SunTrust Center sits at the NE corner of SE 5th Avenue and Las Olas Boulevard at the epicenter of the Fort Lauderdale CBD. On-site amenities include full-service banking, cafe, 24-hour security and an attractive parking ratio. The property benefits from the boulevard’s cool sub-tropical breezeways and courtyards which are alive with cocktail lounges, nightclubs, shops, art galleries and restaurants.
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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 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.
