A partnership between Vanderbilt Office Properties and Trinity Capital Advisors successfully secured a $96 million refinancing deal for the Northbridge Centre, a 294,493-square-foot office tower in South Florida. The property, located at 515 N. Flager in West Palm Beach, is currently leased to 92% capacity with a diverse mix of 48 tenants.
The investment group invested over $18 million into renovating the 21-story office building. This included updates to multi-tenant floors, speculative suite buildouts, elevator and lobby renovations, as well as exterior upgrades.
CBRE’s Amy Julian and Andrew Chilgren acted on behalf of the borrower during negotiations for the loan which was originated by BMO. Mr. Chilgren expressed confidence in West Palm Beach’s rental market stating that Class A vacancy rates have decreased by an impressive 900 basis points since late last year while rents have increased by more than half.
Tenants at Northbridge Centre can enjoy three on-site dining options along with access to a rooftop amenity deck, fitness center and conference facility.
