Gatsby Florida has secured $100.4 million in refinancing for its DiVosta Towers Class A office campus in Palm Beach Gardens. The transaction, facilitated by Berkadia, replaces a 2022 loan and reflects strong ongoing performance for the fully leased, 220,000-square-foot landmark property located in an increasingly competitive South Florida office market.### Key takeaways
- Refinancing amount: $100.4 million.
- Property size: 220,000 square feet.
- Occupancy status: Fully leased.
- Loan provider: Cirrus Real Estate Partners.
- Brokerage: Berkadia Miami.### Financial structure and execution
The financing was arranged by a Berkadia Miami team led by Senior Managing Director Charles Foschini, Managing Director Scott Wadler, and Associate Director Shannon Wilson. The deal provides a three-year, floating-rate, interest-only loan. This capital infusion arrives at a time when the office sector faces significant scrutiny, proving the high-quality status of the DiVosta asset.### Standing out in a competitive market
Located at 3825 and 3835 PGA Boulevard, DiVosta Towers consists of two 11-story buildings that feature distinctive pyramid-inspired architecture. Since completion, the property has attracted a high-profile roster of national and global tenants, including JP Morgan, Wealthspire Advisors, and Virtu Financial. The towers were the first new office developments in the submarket in over a decade upon delivery, and they remain the newest office buildings in the area.### Strategic growth in Palm Beach
Corporate interest in the Palm Beach Gardens submarket has surged, with office rents rising significantly over the last decade. Executives from Gatsby Florida attribute the property’s success to proactive, hands-on management and an unmatched amenity package that includes structured parking, direct lobby access, and outdoor gathering spaces. Building on this momentum, the company is preparing to launch "The Modern," an upcoming office project designed to further expand their footprint in this high-demand professional corridor.