$48.9M loan arranged for Class A office towers in Fort Lauderdale
JLL Capital Markets arranged the loan for Ivy Realty to refinance a Class A office complex comprising two office towers
MIAMI, Nov. 4, 2021 – JLL Capital Markets announced today that it has arranged a $48.9 million refinancing for Tower 101, two Class A office towers totaling 230,757 square feet near downtown Fort Lauderdale, Florida.
JLL worked on behalf of the borrower, Ivy Realty, to place the three-year, floating-rate loan with Rialto Capital Management. Loan proceeds were used to refinance existing debt and fund future capital improvements and leasing costs.
Collectively 75.6 percent leased to a strong roster of local and regional tenants, Tower 101 is a 21-story office tower, with the connected Centre 101 housing six stories. The borrower invested significant capital in 2020 into property renovations, which included outfitting the structured parking with EV charging stations; upgrading the full-service café, lobby and common areas; and modernizing the exterior entrance. Additional building amenities offered are 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse.
Located at 101 NE 3rd Ave., the towers are positioned just off E. Broward Boulevard at the nexus of Fort Lauderdale’s CBD and Flagler Village, an urban live-work-play district. The towers are proximate to the Fort Lauderdale Brightline inner-city rail station, which connects the urban cores of Miami, Fort Lauderdale and West Palm Beach to offer commuters access to each community within 30 minutes.
The JLL Debt Advisory team included Managing Director Melissa Rose and Analyst Giancarlo Paone.
“Tower 101 is optimally positioned to capture the robust leasing demand, as out-of-state tenants seek Class A space in our fast-growing and business-friendly commercial environment,” Rose said.
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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About JLL
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 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ivy Realty
Founded in 1996, Ivy Realty is a Greenwich, Connecticut-based real estate investment, development and management company and has acquired more than $2.8 billion in assets and currently has a portfolio exceeding six million square feet of office, industrial, residential and retail properties. Ivy invests on behalf of institutional, discretionary funds in value-added investments in the Northeast U.S., Southeast Florida and Colorado. For more information, visit ivy-realty.com.