Gatsby Florida has successfully secured a $100.4 million refinancing package for the DiVosta Towers, a premier 220,000-square-foot Class A office campus in Palm Beach Gardens. Facilitated by Berkadia, the transaction underscores the continued strength of the Palm Beach County office market and the asset’s high-performance, fully occupied status.
Key takeaways
- The financing is a three-year, floating-rate, interest-only loan provided by Cirrus Real Estate Partners.
- DiVosta Towers remains fully leased to a portfolio of national and global firms, including JP Morgan and Virtu Financial.
- Berkadia Miami orchestrated the deal, building upon a previously arranged 2022 transaction.
Financing in a competitive market
The commercial real estate landscape is currently navigating a period where office assets face intense scrutiny from lenders. Despite these challenges, DiVosta Towers was able to secure significant interest due to its specific market performance and stability. Berkadia’s team, led by Charles Foschini, Scott Wadler, and Shannon Wilson, highlighted that the property serves as a model for institutional-caliber office developments. The refinancing allows the development team to position the asset for continued long-term growth while maintaining the high standards expected by their corporate tenants.
A landmark asset in palm beach gardens
Located at 3825 and 3835 PGA Boulevard, the campus stands as a highly visible landmark along the I-95 corridor. Completed in 2019 and 2020, the project was the first new office development in the immediate submarket in over a decade. The campus is defined by its distinct pyramid-inspired architectural frameworks and offers a wide array of premium amenities, including structured parking with direct lobby access, EV charging stations, and modern outdoor gathering spaces. Gatsby Florida continues to see value in the region, with plans to expand their footprint as they prepare to break ground on a new project, The Modern, later this year to further accommodate high-demand global firms relocating to the Palm Beach area.