FRI Investors Secures $39M Refi for West Palm Beach Office Tower
Tenants at the Class A property include Mount Sinai and the GSA.
FRI Investors has landed $39 million in refinancing for 625 Flagler, a 108,4820-square-foot office tower in West Palm Beach, Fla. The company acquired the property back in 2017 for $23 million, CommercialEdge data shows.
The financing completes another existing $29 million loan, provided by Metropolitan Life Insurance Co. in 2019, according to the same data provider. JLL Capital Markets arranged the 10-year, fixed-rate loan, funded by Bank of America.
Built in 1984 and renovated in 2018, the 11-story Class A office building spans 1.3 acres and encompasses 9,500 square feet of retail space, five levels of parking and 16,313-square-foot floorplates. The tenant base comprises government, medical and financial companies, such as U.S. General Services Administration, Becker & Poliakoff, F1 Oncology and Mount Sinai, among others.
Located at 625 N. Flagler Drive, the office building is within a mile of Cityplace, including numerous dining places and retail options, such as Publix Super Market. U.S. Route 1 is less than a mile from the property and Interstate 95 is some 2.5 miles southwest of the office tower.
Senior Director Maxx Carney and Managing Director Ike Ojala of JLL Capital Markets worked on the transaction. Carney recently worked on behalf of Seagis Property Group LP and arranged $73.35 million in refinancing for five industrial properties in South Florida.