Ivy Realty has acquired the 131,680 sq ft Meridian Office Center in Boca Raton for $26,985,000. The fully-leased, two-building complex, which was completed in 1988 is located in the Arvida Park of Commerce office park on Park of Commerce Boulevard. It traded for $295 per square foot. CBRE Capital Marketsā Debt & Structured Finance team represented the buyer in securing a $17.55 million acquisition loan for the purchase. The financing was provided by TD Bank with a floating rate over Libor loan and with a 65% loan-to-value (LTV) ratio. āThe ability of CBRE to introduce a bank quote into the mix really created a unique opportunity for the borrower to both greatly reduce their cost of capital and have a flexible prepayment for a future sale at any time,ā said Charles Foschini, Vice Chairman, CBRE Debt & Structured Finance.
