Gatsby Florida Recaps PBG Office with $90M From Deutsche Bank
By Julia Echikson June 28, 2022 6:46 pm
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Gatsby Florida landed $90 million to recapitalize an office complex in Palm Beach Garden, Fla., the company announced.
The property, Divosta Towers, consists of two 11-story buildings, totaling 217,208 square feet. They’re located at 3874 Kyoto Gardens Drive, facing the I-95, and east of the Gardens Mall.
The recapitalization marks Gatsby Florida’s second mortgage for the property. Soon after the complex’s completion in 2020, the investor bought it for $80 million and subsequently nabbed a $60 million loan from Deutsche Bank (DB). The German institution also provided the new $90 million loan.
“Since we purchased the property in 2020, we were able to lease up nearly all of the vacancy in the property with credit, Class A tenants within two years, many of which are corporate and executive relocations,” Isaac Shalom, principal at Gatsby Florida, said in a statement.
The property was in the final stage of its lease up when the refinance effort began. The South tower is now 99 percent full, while the North tower is 85 percent occupied, according to brokerage representing the landlord, Tower Commercial Real Estate.
Newly signed deals include that of Aurelius Capital, a hedge fund notorious for suing foreign governments over lapsed debt payments, which relocated its headquarters from New York, as well as Rockefeller Capital Management, Stifel and Trinity Financial.
Besides Aurelius, the property is home to financial heavyweights Virtu Financial and JPMorgan as well.
Berkadia’s Charles Foschini, Scott Wadler and Robert Iudice secured the financing on Gatsby Florida’s behalf.
Julia Echikson can be reached at jechikson@commercialobserver.com.
