Grover Corlew has refinanced Hillsboro Center, a 223,716-square-foot office park in Deerfield Beach, Fla. A two-year, $30 million senior loan was originated by BankUnited and arranged by JLL Capital Markets.
Commercial Search reports Grover Corlew acquired the two-building office park in 2019 for $32.5 million from TriGate Capital. The office park was completed in the 1980s.
Grover Corlew has invested $10 million over the past three years to renovate and reposition the asset. The 97% leased 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. Grover Corlew plans to redevelop a portion of the site with a 360-unit multifamily community known as Maya Hillsboro.
The JLL Capital Markets Debt Advisory team that arranged the financing was led by Paul Stasaitis and Paul Adams.
The post Grover Corlew Lands Refi on 223K-SF Deerfield Beach Office Park appeared first on Connect CRE.
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