Sterling secures $ 19 million loan for Glades Twin Plaza Boca Raton office – commercial commentator

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Sterling Organization received a loan of $ 19.4 million Glades twin plaza, a 97,815-square-foot office complex in Boca Raton, according to public figures.

KeyBank Cleveland is a lender under a mortgage. JLL Capital Markets worked on behalf of the borrower to obtain a five-year, fixed-rate loan. The non-recourse funding consists of initial and future funding totaling $ 19.4 million.

The JLL team representing the borrower is led by Chris Drew, Brian Gaswirth, Michael DiCosimo as well as Reed Carlton

“We had a strong field of lenders to fund Glades Twin Plaza thanks to our best-in-class sponsor and strong demand for office in South Florida from both lenders and buyers,” DiCosimo said.

Glades Twin Plaza is located at: 2300 Glades Road, west of Interstate 95 and near Downtown in Boca Raton, regional shopping center. According to property records, the West Palm Beach-based Sterling Organization bought the complex in 2015 for $ 23.75 million.

Office space at Glades Twin Plaza is available at $ 28 to $ 30 per square foot, according to LoopNet. Legacy Bank, a regional financial institution headquartered in Boca Raton, is among the tenants.

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