{"id":1004804757,"date":"2026-07-08T06:00:11","date_gmt":"2026-07-08T14:00:11","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004804757"},"modified":"2026-07-08T06:00:13","modified_gmt":"2026-07-08T14:00:13","slug":"grover-corlew-lands-30m-south-florida-office-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/grover-corlew-lands-30m-south-florida-office-refi\/","title":{"rendered":"Grover Corlew Lands $30M South Florida Office Refi"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a4e781f64813&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-large is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004804758\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/grover-corlew-lands-30m-south-florida-office-refi\/hillsboro-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/Hillsboro-Center.jpg\" data-orig-size=\"1440,1080\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Hillsboro-Center\" data-image-description=\"&lt;p&gt;Image emailed from JLL.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Hillsboro Center comprises two office buildings totaling about 223,700 square feet. Image courtesy of JLL&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/Hillsboro-Center.jpg?w=1024\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" height=\"768\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/Hillsboro-Center.jpg?w=1024\" alt=\"An aerial photo of the Hillsboro Center office campus.\" class=\"wp-image-1004804758\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/Hillsboro-Center.jpg 1440w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/Hillsboro-Center.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/Hillsboro-Center.jpg?resize=768,576 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/07\/Hillsboro-Center.jpg?resize=1024,768 1024w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">Hillsboro Center comprises two office buildings totaling about 223,700 square feet. <em>Image courtesy of JLL<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Grover Corlew has refinanced Hillsboro Center, a 223,716-square-foot office park in Deerfield Beach, Fla., with a $30 million loan from BankUnited Inc.<\/p>\n\n\n\n<p>JLL Capital Markets arranged the two-year senior loan for Grover Corlew, which acquired the two-building office park in 2019 for $32.5 million from TriGate Capital, according to Yardi Matrix data. <\/p>\n\n\n\n<p>The new loan refinances an $11.5 million note provided by BankUnited in March 2019, the same source shows. BankUnited also provided a $17.7 million loan in June 2015.<\/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\/working-out-distressed-office-one-square-foot-at-a-time\/\">Working Out Distressed Office\u2014One Square Foot at a Time<\/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>Grover Corlew has invested $10 million over the past three years to renovate and reposition the asset. The office park has one six-story building at 600 W. Hillsboro Blvd. totaling roughly 116,250 square feet and one two-story building totaling about 99,850 square feet.<\/p>\n\n\n\n<p>Capital improvements include a redesigned lobby at 600 W. Hillsboro, new spec suites, upgraded restrooms and corridors, a tenant lounge and fitness center. All five buildings in the office park were completed in the 1980s and underwent cosmetic renovations in 2018 and 2025.<\/p>\n\n\n\n<p>The property also has an on-site parking garage with approximately 581 spaces at 600 W. Hillsboro and nearly 500 parking spaces at 700 W. Hillsboro. Grover Corlew plans to redevelop a portion of the site with a 360-unit multifamily community known as Maya Hillsboro.<\/p>\n\n\n\n<p>TriGate Capital had previously owned the office campus since June 2015, when it acquired the property from Parkway Properties in a $22 million portfolio transaction, according to Yardi Matrix.<\/p>\n\n\n\n<p>The JLL Capital Markets Debt Advisory team that arranged the financing was led by Senior Managing Director Paul Stasaitis and Director Paul Adams.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-diversified-tenant-roster\">Diversified tenant roster<\/h2>\n\n\n\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/cushman-wakefield-to-lease-southeast-florida-office-park\/\">Hillsboro Center<\/a>, which saw its occupancy drop to 62 percent leased during the pandemic, is 97 percent occupied with a diversified tenant roster comprising 43 tenants in 15 industries. Tenants at 600 W. Hillsboro include Osborn Engineering, Matrix Mediation, Diversified Cos., Wemlo and The Corradino Group, which inked a deal last year for 27,021 square feet.<\/p>\n\n\n\n<p>Tenants at 700 W. Hillsboro include DNA Labs International, Smiles Dental, Landtec Surveying and Lien, Hurley Rogner Miller Cox, Callaway Marine and the Lemon Caf\u00e9.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-office-campus-near-boca-raton\">Office campus near Boca Raton<\/h2>\n\n\n\n<p>Hillsboro Center is located just east of Interstate 95, providing access to Fort Lauderdale to the south and Boca Raton to the north, about a mile away.<\/p>\n\n\n\n<p>Last year, Grover Corlew obtained a $47.5 million loan from City National Bank of Florida to refinance Palmetto Central, a two-building, 170,000-square-foot <a href=\"https:\/\/www.commercialsearch.com\/news\/grover-corlew-lands-48m-refi-for-office-campus\/\">office campus in Boca Raton<\/a>. The owner completed a more than $60 million capital improvement plan at Palmetto Central.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The property recently underwent a series of renovations.<\/p>\n","protected":false},"author":1068,"featured_media":1004804758,"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":[38357,33302,32796],"class_list":["post-1004804757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-miami","category-latest","category-office","category-southeast","tag-bankunited","tag-grover-corlew","tag-jll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Grover Corlew Lands $30M South Florida Office Refi - 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