Rialto Capital Lends $49M on Fort Lauderdale Office
Ivy Realty has sealed a $48.9 million debt package to refinance an office property near downtown Fort Lauderdale, Fla., Commercial Observer can first report.
Rialto Capital Management provided the three-year floating-rate loan for Ivy’s Tower 101 property that consists of two Class A buildings totaling 230,757 square feet. Loan proceeds were used to refinance existing debt as well as finance future capital improvements and leasing costs.
JLL Capital Markets arranged the financing with a debt advisory team that 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 in a statement.
Located at 101 NE 3rd Avenue., the towers are situated around Fort Lauderdale’s central business district and Flagler Village, an urban live-work-play district. The property is 75.6 percent leased with Uniform Advantage, Quest Workspaces and the City of Fort Lauderdale among its notable tenants.
Tower 101 is a 21-story office tower with a connected building comprised of six stories. Ivy invested capital in 2020 for property renovations, which included outfitting the structured parking facility with electric vehicle charging stations and upgrading the lobby. Building amenities include 24-hour security, conference facilities and a courtesy shuttle to the Broward County Courthouse.
Representatives for Rialto Capital and Ivy Realty did not immediately return requests for comment.
Andrew Coen can be reached at firstname.lastname@example.org.