Grover Corlew has completed a refinancing of Hillsboro Center, a 223,716-square-foot office park in Deerfield Beach, Fla. The company obtained a two-year, $30 million senior loan for the property, with BankUnited originating the debt and JLL Capital Markets arranging the financing.
Hillsboro Center is a two-building office complex that was completed in the 1980s. According to Commercial Search, Grover Corlew acquired the property in 2019 from TriGate Capital in a transaction valued at $32.5 million. Since taking control of the asset, Grover Corlew has pursued a program of upgrades aimed at repositioning the property in the local office market.
Over the past three years, Grover Corlew has invested $10 million in renovations and enhancements at Hillsboro Center. Following this work, the office park is reported to be 97% leased. The occupancy level reflects demand for space across the complex, which includes two distinct buildings on the site.
The larger of the two buildings is a six-story office structure located at 600 W. Hillsboro Blvd., totaling roughly 116,250 square feet. The second building is a two-story office asset comprising about 99,850 square feet. Together, the properties make up the approximately 223,716-square-foot Hillsboro Center campus.
In addition to securing the refinancing, Grover Corlew is advancing plans to change the mix of uses at the property. The company intends to redevelop a portion of the site with a 360-unit multifamily community that will be known as Maya Hillsboro. The planned residential component would add a multifamily use alongside the existing office facilities at the campus.
The JLL Capital Markets Debt Advisory team that arranged the new financing was led by Paul Stasaitis and Paul Adams. Their mandate included structuring the two-year senior loan that BankUnited provided for Hillsboro Center, which supports Grover Corlew’s business plan for the renovated and largely leased office park as well as its future redevelopment plans on the site.
