{"id":1004737126,"date":"2024-11-14T00:52:02","date_gmt":"2024-11-14T08:52:02","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004737126"},"modified":"2024-11-14T03:46:10","modified_gmt":"2024-11-14T11:46:10","slug":"lincoln-property-lands-68m-refi-for-miami-area-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lincoln-property-lands-68m-refi-for-miami-area-asset\/","title":{"rendered":"Lincoln Property Lands $68M Refi in South Florida"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"2880\" height=\"2160\" data-attachment-id=\"1004737134\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dcim100mediadji_0004-jpg-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg\" data-orig-size=\"2880,2160\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;6.3&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;FC6310S&quot;,&quot;caption&quot;:&quot;DCIM100MEDIADJI_0004.JPG&quot;,&quot;created_timestamp&quot;:&quot;1730475038&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;8.8&quot;,&quot;iso&quot;:&quot;103&quot;,&quot;shutter_speed&quot;:&quot;0.001562&quot;,&quot;title&quot;:&quot;DCIM100MEDIADJI_0004.JPG&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"DCIM100MEDIADJI_0004.JPG\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;DCIM100MEDIADJI_0004.JPG&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg\" alt=\"Aerial shot of Royal Palm I and II, two office buildings in Plantation, Fla.\" class=\"wp-image-1004737134\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg 2880w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg?resize=1024,768 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg?resize=1536,1152 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Royal-Palm-I-and-II-in-Plantation-Fla-edited.jpg?resize=2048,1536 2048w\" sizes=\"auto, (max-width: 2880px) 100vw, 2880px\" \/><\/a><figcaption class=\"wp-element-caption\">Royal Palm I and II came online between 2001 and 2007. <em>Image courtesy of JLL Capital Markets<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Lincoln Property Co. has received $68.2 million in refinancing for Royal Palm I and II, two Class A office buildings totaling 465,592 square feet in Plantation, Fla. Barclays provided the fixed-rate loan, in a deal arranged by JLL Capital Markets.<\/p>\n\n\n\n<p>Lincoln Property purchased the office campus in August 2014 for $128 million from Duke Realty, with the help of a $66.5 million acquisition loan originated by Metropolitan Life Insurance Co., according to CommercialEdge information.<\/p>\n\n\n\n<p>Built between 2001 and 2007, Royal Palm I and II rise eight, respectively nine stories on a 25.4-acre site. The property also includes a four-level parking garage with 1,927 car spots. Amenities feature conference rooms, a fitness center and a wellness room. Royal Palm I also incorporates 22,908 square feet of retail.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/sizing-up-the-prime-office-building-landscape\/\">Sizing Up the Prime Office Building Landscape<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The tenant roster at the two towers includes Regus, Tobias Financial Advisors, American Global, Pediatric Associates, Upchurch Watson White &amp; Max and Fort Lauderdale Eye Institute, among others, CommercialEdge shows.<\/p>\n\n\n\n<p>Located at 850, 900, 950 and 1000 S. Pine Island Road, the office campus is some 9 miles from downtown Fort Lauderdale and has access to Interstate 595. Downtown Miami is 30 miles south.<\/p>\n\n\n\n<p>Senior Managing Director Paul Stasaitis and Associate Maddy McMillen led the JLL Debt Advisory team that represented the borrower.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-miami-an-expensive-office-market\">Miami\u2014an expensive office market<\/h2>\n\n\n\n<p>Miami emerged as one of the most <a href=\"https:\/\/www.commercialsearch.com\/news\/miami-office-deal-volume-increases-prices-surge\/\">expensive office metros<\/a> among gateway markets, with an average price of $354 per square foot year-to-date through August, according to CommercialEdge research. Its vacancy rate clocked in at 14.1 percent, well below the 19.4 percent national average.<\/p>\n\n\n\n<p>In one of the largest financing deals this year so far, OKO Group and Cain International received a $565 million permanent loan from TYKO Capital for<a href=\"https:\/\/www.commercialsearch.com\/news\/miamis-830-brickell-secures-565m-in-construction-financing\/\"> 830 Brickell<\/a>, a 57-story, 638,355-square-foot building in Miami&#8217;s financial district. The high-rise is the second-tallest office tower in the city.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Barclays provided the funds for this office campus.<\/p>\n","protected":false},"author":3619,"featured_media":1004737134,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1492,21742,21747,32781],"tags":[32934,44006,32838],"class_list":["post-1004737126","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-miami","category-latest","category-office","category-southeast","tag-barclays","tag-jll-capital-markets","tag-lincoln-property-company"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Lincoln Property Lands $68M Refi in South Florida - 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