Related Companies Refinances 360 Rosemary Office Tower in West Palm With $210M Loan
By Julia Echikson January 27, 2022 6:40 pm
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Related Companies refinanced 360 Rosemary, its trophy office building in Downtown West Palm Beach, Fla., with $210 million from Bank of Montreal, property records.
The 20-story tower was completed last year, and has nabbed tenants within the highest echelon of the financial world, including Goldman Sachs (GS), Elliot Management and Point72 Management. The iconic Wall Street steakhouse, Harry’s, is slated to open on the ground floor.
In late February 2020, the New York-based developer, led by Miami Dolphins owner Stephen Ross, first secured a $142 million construction loan from MSD Partners to build the office tower. Now, Bank of Montreal will assume the existing loan and add an additional $68 million, bringing the total to $210 million.
Eastdil Secured‘s Grant Frankel and Chris Campbell negotiated the debt.
Since 2020, Related has drawn down $105.8 million of the MSD Partners loan and the remaining $36.2 million is set to be advanced, according to the mortgage documents.
Over the past year, Related has become a leader in the Class A office market in West Palm Beach.
The firm purchased a slew of office towers, including Phillips Point for $282 million and CityPlace Tower for $175 million. It’s developing One Flagler, a 25-story building, which has already nabbed First Republic Bank, private equity firm Siris Capital and high-end Greek restaurant Estiatorio Milos as tenants.
Earlier this week, Related partnered with office flex company Industrious at Esperante Corporate Center, where the developer owns a 50 percent stake.
A representative for Related declined to comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
