$68.2M refinancing secured for Broward County office complex
JLL Capital Markets led the financing efforts for Royal Palm I and II, a Class A office property in Plantation, Florida
MIAMI, Nov. 12, 2024 – JLL Capital Markets announced today that it has arranged a $68.2 million refinancing for Royal Palm I and II, a two-building, Class A office complex totaling 465,592 square feet in Plantation, Florida.
JLL worked on behalf of the borrower, Lincoln Property Company, to secure the fixed-rate refinancing through Barclays.
Royal Palm I and II is a premier office complex located at 850, 900, 950 and 1000 S. Pine Island Rd. in the heart of Plantation. The 25.4-acre site has direct access to Interstate 595 and the Florida Turnpike, providing regional connectivity throughout Southern Florida.
Constructed between 2001 and 2007, Royal Palm I and II consists of two trophy towers standing eight and nine stories tall and a four-level, 1,927-space parking garage. The property has undergone significant capital upgrades and boasts state-of-the-art amenities, including modern conference rooms, a full fitness center, wellness room and other tenant services.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Paul Stasaitis and Associate Maddy McMillen.
“This transaction further supports that debt liquidity for high-quality, amenitized office assets, led by best-in-class sponsors, continues its positive momentum trend here in Florida,” said Stasaitis. “Both lenders and investors are recognizing that our overall favorable office-market fundamentals, coupled with general market growth, create a very compelling investment strategy.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lincoln Property Company
Lincoln Property Company (“Lincoln”) is one of the largest private real estate firms in the United States. Offering a fully integrated platform of real estate services and innovative solutions to owners, investors, lenders and occupiers, Lincoln supports the entire real estate lifecycle across asset types, including office, life science, retail, industrial, data center, production studio, healthcare, government, universities, and mixed-used properties, throughout the United States, United Kingdom, and Europe. Lincoln’s combined management and leasing portfolio on behalf of institutional clients includes more than 557 million square feet of commercial space. In addition to providing third-party real estate services, Lincoln has completed over 150 million square feet of development since its inception in 1965 and has another $20 billion currently under construction or in the pipeline. For more information, visit: www.lpc.com.