Grover Corlew completed a $61 million refinancing of two office properties in downtown Boca Raton, Palmetto Park City Center and the Bank of America Tower, located at 120 and 150 East Palmetto Park Road. Both buildings are 90% leased.
The loan originated with Wells Fargo and subsequently transitioned to the bank’s commercial mortgage-backed securities (CMBS) platform.
Grover Corlew paid $25.2 million for the 66,606 square foot, five-story Palmetto Park City Center at 120 East Palmetto Park Road. Built in 1996, the building has undergone more than $9 million in renovations.
In 2021, the company paid $44.6 million for the eight-story, 109,497-square-foot Bank of America Tower next door at 150 East Palmetto Park Road. Grover Corlew has invested more than $7 million in upgrades, which have elevated rental rates.
Grover Corlew’s investment in Boca Raton spans nearly a decade, beginning with the 2016 acquisition of 1489 and 1499 West Palmetto Park Road, collectively known as Palmetto Central, a property that has since been redeveloped and was refinanced earlier this month. Through the strategic enhancement of its Boca Raton holdings, Grover Corlew continues to serve as a catalyst for regional growth and long-term economic development. For more information visit grovercorlew.com.Â
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