Trimont, acting as special servicer on a $61.5M collateralized loan obligation tied to the property, filed a foreclosure complaint Aug. 12 against Alliance HP.
Currently, the property is 92% leased to a diverse roster of 48 tenants.
The 274,000-square-foot One Financial Plaza office building in Downtown Fort Lauderdale inched closer to the auction block this month.
Trimont, acting as special servicer on a $61.5M collateralized loan obligation tied to the property, filed a foreclosure complaint Aug. 12 against Alliance HP. The vertically integrated real estate firm not only owns One Financial Plaza but also has one of its two U.S. offices at the property at 100 SE Third Ave.
In the suit, filed in Florida’s 17th Judicial Circuit for Broward County, the lender argued the appointment of a receiver was necessary because Alliance HP has been collecting rent payments but not making required debt service payments.
“The Defendant has continued to collect the revenues and profits from the Property, while the payments due to Plaintiff under the Mortgage have not been paid,” unnamed attorneys from Holland & Knight representing Trimont wrote in the suit.
Judge John Bowman granted the motion Tuesday, appointing Chris Neilson, president of Trigild Florida, to act as receiver for the debt settlement. The lawsuit was identified and distributed by property intelligence platform Vizzda.
The special servicer alleges in the suit that Alliance HP has defaulted on $61M in fees and costs, including $59M in unpaid principal after the debt matured and an additional $2M in default interest, which the suit says continues to accrue at a 5% rate.
Source: Bisnow
CBRE Capital Markets’ Debt & Structured Finance group secured a $96 million loan for the refinancing of Northbridge Centre, a 294,493-square-foot office tower in South Florida.
CBRE Senior Vice President Amy Julian and First Vice President Andrew Chilgren represented the borrower, a joint-venture that includes Vanderbilt Office Properties and Trinity Capital Advisors. BMO originated the loan.
Northbridge Centre is located at 515 N. Flagler in West Palm Beach. Currently, the property is 92% leased to a diverse roster of 48 tenants.
The investment group has meticulously maintained and renovated the 21-story office building with over $18 million of recent capital investment including multi-tenant floor renovations, speculative suite buildouts, elevator and lobby renovations, and exterior upgrades. These projects have repositioned the asset into a top office destination for tenants in South Florida.
“The current ownership has been tremendously successful at Northbridge Centre,” said Julian. “They have executed 88,000 square feet of leases since the start of 2022, which has driven rents up by 46% since acquiring the property in 2019.”
Northbridge Centre features panoramic water views of the intracostal waterway, the Atlantic Ocean, and Clear Lake as well as spectacular views of Palm Beach Island and the West Palm Beach skyline. Additionally, the property offers tenants three on-site dining venues, rooftop amenity deck, full-service banking, executive valet parking with direct building access, a Paul James salon, a fitness center with extensive programming, and a state-of-the-art conference facility.
“New-to-market leasing activity has led to West Palm Beach emerging as one of the nation’s top performing submarkets,” added Chilgren. “Since the end of 2020, Class A vacancy has dropped 900 basis points to just 9.8%, while rents have simultaneously increased by more than 50%.”
Fort Lauderdale Office Tower Heads Toward Foreclosure After Missing Repayment Deadline
/in News/by SFOBA STAFFTrimont, acting as special servicer on a $61.5M collateralized loan obligation tied to the property, filed a foreclosure complaint Aug. 12 against Alliance HP.
CBRE Secures $96M Refinancing West Palm Office Tower
/in News/by SFOBA STAFFCurrently, the property is 92% leased to a diverse roster of 48 tenants.