Gatsby Florida has secured a $100.4 million refinancing for DiVosta Towers, a Class A office campus in Palm Beach Gardens, Florida. The property totals 220,000 square feet and is described as one of the newest office towers in Palm Beach County. The campus is composed of two 11-story office towers linked to a structured parking facility, providing a modern format for tenants seeking high-quality space in the market.
The property is fully leased and hosts a diverse mix of national and global tenants. Notable occupants include JP Morgan, Wealthspire Advisors, and Virtu Financial, among others. The building’s lease-up and tenant profile reflect demand for contemporary office product in this part of Palm Beach County, where newer inventory remains limited compared with older stock.
Berkadia arranged the financing on behalf of Gatsby Florida. The team consisted of Charles Foschini, Scott Wadler, and Shannon Wilson from Berkadia’s Miami office. Their assignment focused on sourcing new debt that would replace the prior financing while supporting the property’s ongoing performance profile.
Cirrus Real Estate Partners provided the new financing, structured as a three-year, floating-rate, interest-only loan. Proceeds will be used to refinance the existing loan that Berkadia originally arranged in 2022. The new capital stack is designed to position the fully leased asset for continued performance over the next phase of its business plan, while allowing the sponsorship to maintain flexibility during the term of the loan.
DiVosta Towers is located at 3825 and 3835 PGA Boulevard, a highly visible corridor along I-95 in Palm Beach Gardens. Completed in 2019 and 2020, the towers deliver recent-vintage construction and design in a submarket that has seen a mix of legacy product and newer developments. The project’s visibility from the interstate offers branding and signage opportunities that can be particularly valuable for the national and global tenants housed on site.
The campus is distinguished architecturally by two frameworks inspired by the Louvre’s glass pyramid, creating a recognizable skyline feature in the area. This design element, along with the connected structured parking facility and dual-tower configuration, positions DiVosta Towers as a landmark office destination in Palm Beach Gardens. Combined with its fully leased status and roster of financial and advisory firms, the project stands out as a stabilized, institutional-quality office asset in Palm Beach County’s office landscape.
