Boca Raton Office Lands $19.4M Financing

JLL Capital Markets arranged $19.4 million in financing for Glades Twin Plaza, a two-building, Class A office complex totaling 97,815 square feet in Boca Raton.

JLL worked on behalf of the borrower, Sterling Organization, to secure the five-year, fixed-rate loan. The non-recourse financing consists of an initial and future funding totaling $19.4 million.

Glades Twin Plaza is positioned on 5.3 acres at 2300 Glades Rd. in the primary office node of the Boca Raton West submarket. The property is part of the larger Glades Plaza mixed-use development, also owned by Sterling Organization, which offers an exceptional line up of retail shops and restaurants. Additionally, the asset is adjacent to Town Center, a regional mall offering best-in-class restaurants and retailers. Glades Twin Plaza has outstanding regional connectivity boasting immediate access to Interstate 95, which is adjacent to the property, and easy access to the Florida Turnpike less than three miles away.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Chris Drew, Managing Director Brian Gaswirth, Director Michael DiCosimo and Associate Reid Carleton.

“We had a strong field of lenders show up to finance Glades Twin Plaza due to a best-in-class sponsor and the robust demand for office in South Florida, which we’ve seen from both lenders and buyers,” DiCosimo said.