Apollo Global Management and Steelbridge Capital have secured a $33.3 million loan to refinance the Cypress Financial Center in the Cypress Creek submarket of Fort Lauderdale. The 11-story 196,663 sq ft office center features an on-site deli, six-story parking garage, and is within walking distance of restaurants, hotels and financial institutions. Located just off the Cypress Creek Road exit on Interstate 95, the asset last traded in September 2014 for $32.5 million. CBRE Capital Markets’ Debt & Structured Finance team arranged the five-year, floating rate loan through Square Mile Capital Management. The asset last traded in September 2014 for $32.5 million.
“Since a change in ownership a little more than a year ago, impressive exterior renovations have been completed and interior upgrades are underway to cement Cypress Financial Center’s position as the premier asset within the Cypress Creek submarket. Square Mile’s loan structure gives the owners the flexibility to complete the ongoing improvements and aggressively lease-up the property to a stable occupancy,” said CBRE Vice President Amy Julian.
