Cushman & Wakefield Secures $25.35M In Refinancing For Palm Beach Gardens Office Campus

Cushman & Wakefield announced that the commercial real estate services firm has arranged a $25.35 million loan on behalf of Alchemy-ABR Investment Partners and Breakers Capital to refinance Corporate Center at the Gardens, an office campus located in Palm Beach Gardens.

Jason Hochman, Mike Ciadella and Ron Granite of Cushman & Wakefield’s Equity Debt and Structured Finance team secured the new long-term, non-recourse loan through BankUnited, a wholly-owned subsidiary of BankUnited, Inc. Gavin Loughlin and John Litan at Greenberg Traurig served as Alchemy-ABR-BCP’s counsel on the loan.

“Despite the pandemic, the lending community appreciated the value created by our client over the last five years,” Hochman said. “Through our process, we found a solution that allowed Alchemy-ABR-BCP to both take some money off the table and better match this long-term loan to the cash flow from their leases.”

Under their ownership, Alchemy-ABR- BCP has significantly increased the value and net operating income at the property by bringing lease rates to market, extending lease terms and increasing the credit worthiness of their tenant base.

“We would like to thank Bank United, Cushman & Wakefield, Greenberg Traurig, our partners and tenants for working through a complicated year to get this deal to a successful outcome,” said Brian Ray of Alchemy-ABR Investment Partners, representing ownership.  “This transaction reinforces our belief in the long-term value and opportunities in Palm Beach County and South Florida.”

Located at 4200-4400 Northcorp Parkway, the 114,123-square-foot Corporate Center at the Gardens has been nearly 100% occupied since Alchemy-ABR-BCP’s acquisition. The building serves as the corporate headquarters for Garden of Life – Nestle, Olympus Insurance and The Weiss Group and is the only South Florida location for Oxford Global Resources.