Barclay’s and Argentic have provided a $55 million loan to refinance the 204,337-square-foot Auto Nation building in Fort Lauderdale. The building is co-owned by Las Olas Capital Partners and Stiles Corp. According to reports from the South Florida Business Journal, this new loan exceeds the amount needed to pay off their previous lender PNC Bank by $2 million. The original short-term extension on the loan was set to expire at the end of December.
The newly secured financing with Barclay’s and Argentic carries an interest rate of approximately 8.11% with interest-only payments instead of amortization. Currently, the building is 98% leased with AutoNation occupying around 75% of its space under a lease that still has six years remaining. However, their rent is significantly below market rates at about half.
The transaction was facilitated by BayBridge Real Estate Capital brokers Jay Miller, Spencer Miller, AJ Felberbaum ,and Noah Rothman . This last-minute refinancing deal for owners of Auto Nation Tower marks another successful venture for Connect CRE.
