By Timea Papp
HFF arranged a $19 million refinancing of One Deerwood, a Class A, 161,167-square-foot office building in Jacksonville, Fla. The mortgage replaced a previous CMBS loan on the property, which was scheduled to mature in May 2017, according to Yardi Matrix.
The debt placement team worked on behalf of the borrower, Taurus Investment Holdings LLC, to secure the three-year, floating-rate loan. Senior Managing Director Michael Weinberg and Director Porter Terry led HFF’s team that arranged the financing through Ares Management. Taurus Investment purchased the asset in 2007, when HFF was also involved in the transaction.
Completed in 1999, the six-story property sits on a 10.85-acre site at 10201 Centurion Parkway North within Deerwood Park, the largest, full-service multi-purpose campus in Jacksonville, Fla. One Deerwood features 24-hour on-site security, a parking ratio of five spaces per 1,000 square feet and on-site management office.
The property is leased to tenants including CIT Bank, JMB of North Florida and Amports Inc. Located in the Butler Corridor submarket at the interchange of J Turner Butler Boulevard and routes 202 and 115, One Deerwood is near many of the area’s lifestyle and retail drivers, including St. Johns Town Center.
Image courtesy of Yardi Matrix