Sabadell United Bank closes on $20.9-million loan for purchase of Tower 101 in Fort Lauderdale

PRLog (Press Release) - Aug. 20, 2012 - FORT LAUDERDALE, FL. – August 20, 2012 – Sabadell United Bank has closed on a $20.9-million acquisition loan to Banyan Street Partners for the purchase of the Tower 101 office building in downtown Fort Lauderdale.
The 238,238-square-foot property includes a 21-story office tower and an adjacent six-story building joined by a common lobby at 101 NE Third Avenue. Commercial real estate specialist Kevin Miliffe represented Sabadell United in the transaction.
“We were pleased to work with Banyan Street and their broker, CBRE, to put together a loan structure which met their needs and got the deal done,” Miliffe said.  “This was an intriguing deal due to its prime location in Fort Lauderdale, a market we know well,” he added.
Steve Cohen, Sabadell United Bank’s head of commercial real estate, said the loan “is an excellent example to the marketplace of how we use our market knowledge and creativity to handle a sophisticated transaction such as Tower 101.  We are excited about the activity in the market as we continue to find ways to support our clients.”


About Sabadell United Bank
Sabadell United Bank, headquartered in Miami, Florida, is a locally managed, nationally-chartered banking institution. The bank has 25 branches throughout the state, serving over 35,000 clients, and is the sixth largest bank in Florida by deposits. Bauer Financial Reports recognized the growth and financial strength of the bank by awarding it a five-star rating, the highest available. Sabadell United Bank is recognized as the trusted financial advisor for professionals, businesses, international clients and high-net-worth individuals.