JLL Capital Markets led financing efforts for the waterfront Class A office tower
News release
13 June 2022
$39M refinancing secured for 625 N. Flagler Dr. in West Palm Beach
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MIAMI, June 13, 2022 – JLL Capital Markets announced today that it has arranged a $39 million refinancing for 625 Flagler, a Class A office building totaling 108,482 square feet in West Palm Beach, Florida.
JLL worked on behalf of the borrower, FRI Investors, to secure the 10-year, fixed-rate loan with Bank of America.
FRI Investors, led by Michael and Will McCloskey, acquired 625 Flagler in 2017. At that time the building was 30 percent leased. Renovated in 2018, the leasing expertise of FRI Investors increased occupancy to 99 percent with a diverse tenant base comprising companies in the government, medical, financial and legal industries.
625 N. Flagler Dr. is positioned on a 1.3-acre site along the Intracoastal Waterway and just over the new North Bridge from the Island of Palm Beach. As part of the West Palm Beach central business district, the property is close to Clematis St., Government Center and Cityplace. In addition, the asset has tremendous regional accessibility being located near U.S. Route 1, Interstate 95, Brightline’s West Palm Beach station and Palm Beach International Airport.
The JLL Capital Markets team representing the seller was led by Senior Director Maxx Carney and Managing Director Ike Ojala.
“The Florida migration has led to significant strengthening of an already robust office market,” said Carney. “High quality, well-located office assets like 625 Flagler will continue to flourish, specifically those operated by experienced local owners such as FRI Investors.”
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
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 100,000 as of March 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About FRI Investors (www.frinv.com)
FRI Investors is a dynamic, entrepreneurial real estate organization with a unique focus and proven capabilities. With its dedicated emphasis on mid-sized markets in the Southeastern United States, FRI Investors has developed an attractive and growing portfolio of quality properties, offering proven expertise in maximizing returns.