$56.5M financing secured for recently renovated Boca Raton office campus
JLL Capital Markets led financing efforts for Fountain Square, a Class A multi-tenant office property
MIAMI, Oct. 6, 2021 – JLL Capital Markets announced today that it has arranged $56.5 million in financing for Fountain Square, a Class A office campus totaling 242,690 square feet in Boca Raton, Florida.
Positioned on roughly 15 acres at 2600–2700 N. Military Trail, Fountain Square sits in the heart of Boca Raton’s primary commercial corridor and along one of South Florida’s major north/south roadways. The property is surrounded by two million square feet of retail amenities, including Town Center at Boca Raton, which is a top 25 regional mall and One Boca Place, which is home to 180,000 square feet of retail and 18 restaurants. Additionally, Fountain Place is part of the Boca Raton West office submarket, which has experienced strong rent growth of 50 percent between 2011 and first quarter of 2021.
The JLL Capital Markets team representing the borrower was led by Senior Managing Director Chris Drew and Director Maxx Carney and supported by Associates Reid Carleton and Jimmy Calvo.
“We are pleased to have advised IP Capital Partners and Edge Principal Advisors in the capitalization of Fountain Square,” Drew said. “The debt markets robust response to this opportunity demonstrated the lending community’s confidence in the new owner’s stature as one of the best office operators in the southeastern United States as well as the lender’s conviction in the strength and resilience of the Florida office market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About IP Capital Partners, LLC
IP Capital Partners, LLC (“IPCP”) is a private real estate investment and asset management company headquartered in Boca Raton, Florida. IPCP was formed to focus on co-investing with institutional and high net worth joint venture partners to acquire office, retail and industrial real estate in the major growth markets of Florida.
About Edge Principal Advisors
Edge is an opportunistic and value add real estate firm that invests both with trusted operating partners and on a direct basis. Edge was founded in 2008 by Jeffrey Walker and Evan Mallah. Since inception, Edge has invested over $1 billion of equity across asset classes throughout the U.S.
CIBC is a leading North American financial institution with 10 million personal banking, business, public sector and institutional clients. CIBC offers a full range of advice, solutions and services in the United States, across Canada and around the world. In the U.S., CIBC Bank USA provides commercial banking, private and personal banking and small business banking solutions and CIBC Private Wealth offers investment management, wealth strategies and legacy planning. Visit cibc.com/US.