Grover Corlew Scores $30M Financing For Deerfield Beach Office Park

JLL Capital Markets has arranged $30 million in financing for Hillsboro Center, a Class A office park totaling 223,716 square feet in Deerfield Beac.

JLL worked on behalf of the borrower, Grover Corlew, to secure the two-year senior loan with BankUnited, Inc.

Grover Corlew acquired Hillsboro Center in 2019 and has invested $10 million over the last three years to renovate and reposition the asset. The building, which dropped to a low of 62% leased during the pandemic, now stands at 97% occupied with a diversified tenant roster comprising 43 tenants in 15 distinct industries. The two buildings offer a state-of-the-art fitness center, a tenant lounge and an on-site parking garage. In addition to the office space, Grover Corlew is approved to redevelop a portion of the western half of the site into Mayla Hillsboro, a 360-unit multifamily project.

Hillsboro Center is located at 600 and 700 W Hillsboro Blvd. just east of Interstate 95, providing access to Ft. Lauderdale to the south and Boca Raton, just one mile to the north. The property is also convenient to the Deerfield Beach Tri-Rail Station and benefits from its location in affluent Deerfield Beach, which has emerged as a significant employment center.

JLL’s Capital Markets Debt Advisory team was led by Senior Managing Director Paul Stasaitis and Director Paul Adams.

“Grover Corlew has renovated the property with top-level finishes, positioning it as an alternative to the record-growth market of Boca Raton,” said Stasaitis. “We received strong interest in the financing given the strength of the asset, the market and the borrower.”