JV Lands $90M for Metro Miami Mixed-Use Redevelopment

November 26, 2025

Mixed Use Finance Miami News More Southeast

The project will include office, retail and residential spaces.

Rendering of the development of The Eclipse, a project in Boca Raton, Fla. comprising residential units, office and retail spaces. — The Eclipse encompasses 405,000 square feet of office and retail space and will soon add 500 residential units.
*Image courtesy of BH Group* *and PEBB Enterprises*

A joint venture between BH Group and PEBB Enterprises has secured an $89.9 million loan for the redevelopment of The Eclipse—formerly known as the Office Depot headquarters—in Boca Raton, Fla.

City National Bank, alongside participant Abanca, provided the note, in a transaction arranged by Berkadia Managing Director Scott Wadler and Director Mike Basinski. The present loan represents an increase in proceeds from $47 million.

The Eclipse is a mixed-use development encompassing 500 residential units, more than 405,000 square feet of existing office space across two buildings, two retail and restaurant outparcel buildings totaling 21,500 square feet, as well as a 37,000-square-foot future fitness center.

The current tenant roster on the office side includes Atlantic | Pacific Cos., Kanner & Pintaluga, MN8 Energy and ODP Corp.

The future of Eclipse

The additional financing will help push the entire redevelopment forward significantly, Isaac Toledano, CEO of BH Group, told Commercial Property Executive. Namely, it will help with the upgrading of existing office space, moving forward the retail and restaurant outparcels, as well as support predevelopment on the residential front. As for the fitness center, Equinox has signed a major, long-term lease, and the developers will also kick off work on this component. The redevelopment side of the project is expected to wrap up in roughly 12 to 14 months, Toledano added.

Upgrading amenity packages—especially fitness and wellness features—in order to encourage lease retention, remains a consistent theme among current office space trends across the U.S., as both owners and tenants move away from traditional desk-centric offices.

Separately, BH Group and PEBB are developing the residential component at The Eclipse in partnership with Related Group. The joint venture sold the southern portion of the project site to Related for $50 million. The two companies have since managed to stabilize more than 87 percent of the office space.

Located at 6600 N. Military Trail, the 29-acre project site is near the Broken Sound Country Club’s golf course and has access to Interstate 95. Downtown Boca Raton is some 6 miles away.

September saw Miami’s office listing rates clock in at an average price of $56.45 per square foot, reflecting a 6.8 percent increase year-over-year and significantly higher than the $32.79 national average, according to the latest Yardi Matrix office report. The metro’s vacancy rate was at 12.8 percent, down 210 basis points over a 12-month period and lower than the 18.6 percent U.S. figure.