Rose & Berg Realty Group secured a $25m loan to acquire Summit at Southpoint, an urban office complex located in Jacksonville, Florida. The 260,664 sq ft complex includes four contemporary three-story office buildings. Spread over a 23-acre site, the building were constructed in 1988, 1991 and 1998. Currently 82 percent leased, notable tenants include US Bank/FSV, Chicago Title Insurance Company, BB&T, Windstream, Ocenture and Keiser University. Berkadia arranged the funding through NXT Capital, which provided a three-year loan with an extended interest-only period.
“Jacksonville, like the rest of the state, has emerged as a much more dynamic employment market than in past cycles,” said Charles Foschini, senior managing director at Berkadia. “Both the buyer and the lender recognized that in the opportunity to acquire a well-located asset with a strong anchor in existing tenancy. The lender provided aggressive terms and sufficient capital to allow the borrower to lease-up the space and provide necessary improvements to continue to make Summit a highly attractive office location for years to come.”
