FRI Investors lands bridge loan to convert W. Palm offices into medical center

A borrower group led by FRI Investors has secured a $22.491 million bridge loan that will help reposition a a former Bank of America building in West Palm Beach, FL. The three-year loan, which has an adjustable rate, was provided by PCCP. The proceeds will be used for the renovation and repositioning of the property from its prior office use to a medical center. Located at 625 N. Flagler Drive, the 110,000 sqf office building from 1984 overlooks the Intracoastal Waterway and sits at the entrance to the newly opened Flagler Memorial Bridge. The property is approximately 50 percent occupied with recently signed medical tenants including Mount Sinai Hospital and Jupiter Medical Center. Senior Managing Director Charles Foschini and Managing Director Christopher Apone of Berkadia’s South Florida office arranged the loan on behalf of the borrower.

“We took a selective approach to contacting bridge lenders and found an entrepreneurial capital partner in PCCP, enabling our client to execute their vision of bringing quality healthcare providers closer to the West Palm Beach community,” said Christopher Apone. “The new owners now have the necessary capital to execute their business plan of developing a medical or quasi-medical building.”