JLL arranges $39M financing for Class A office in West Palm
The 221,079-square-foot office tower is prominently located along South Australian Avenue and features panoramic views of the Atlantic Ocean
MIAMI, April 14, 2020 – JLL Capital Markets announced today that it has arranged $39 million in financing for One Clearlake, a 221,079-square-foot, Class A office tower in West Palm Beach, Florida.
JLL worked on behalf of the borrower, a joint venture between Velocis and CREC Capital, to secure the loan through Prime Finance.
One Clearlake is prominently located along South Australian Avenue in the high growth West Palm Beach market featuring panoramic water views of the Atlantic Ocean and Clear Lake. One Clearlake’s robust amenity package, superior accessibility and recent multi-million-dollar renovation make it one of the most compelling office properties available to tenants in South Florida.
The JLL Capital Markets team representing the borrower was led by Director Maxx Carney, Senior Managing Director and Co-Head of JLL Capital Market’s Miami office Chris Drew, Senior Director Ike Ojala and Analyst Cody Brais.
“We’re honored to have advised Velocis and CREC Capital on the recapitalization of One Clearlake,” Carney said. “The best-in-class sponsorship, tremendously well-positioned asset and careful selection of Prime Finance, a trusted, relationship lender resulted in a successful, timely closing despite volatility in the broader real estate capital markets.”
“Prime Finance is honored to have been chosen by JLL and the Sponsors as the lender for this project. We worked hard to get the deal closed for Velocis and CREC Capital, despite the challenging market and look forward to helping them execute on their business plan,” Catherine Tatlock of Prime Finance commented.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Velocis is a private equity real estate investment firm, active in the acquisition, operation/management and disposition of commercial real estate in the United States. Additional information about Velocis can be found at velocis.com.
About CREC Capital
CREC Capital has a 25+ year track record delivering steady counsel and superior investment returns based on deep operational expertise and unparalleled relationships. CREC Capital pursues three primary investment types with their partners and clients including value-add strategies, distressed and opportunistic investments and core and core plus properties.
About Prime Finance
Prime Finance was founded in 2008 and has grown to be a leading private commercial real estate lender. Prime Finance has originated more than 450 loans totaling over $13 billion on commercial properties in the US. Prime lends on a broad range of property types including office, apartment, hospitality, industrial, retail and student housing. Prime’s originations teams are located in New York, Chicago, and San Francisco. For further information, please visit primefinance.com.