Ivy Realty has secured $35.9 million in acquisition financing for the purchase of Tower 101, a two building office property in downtown Fort Lauderdale. Trading for just under $158 per square foot, the 227,764-square-foot property is located at 101 NE 3rd Avenue. Tower 101 encompasses a 19-story tower and an adjacent six-story office building that are joined by a common lobby on the ground floor. Charles Foschini and Christopher Apone of CBREās Miami office arranged the non-recourse loan (64 percent LTV) through Bank of America.
āIvy Realtyās strength as a borrower and experience in Downtown Fort Lauderdale, coupled with the positive dynamics occurring along Broward Boulevard, resulted in strong interest from balance sheet lenders who typically look to finance only seasoned operators and quality assets,ā said Charles Foschini, CBRE Vice Chairman.
