Karlin Real Estate Lending Finances Acquisition of South Florida Office Portfolio

Karlin Real Estate Lending now has deployed more than $200 million in senior and mezzanine financing
 
May 14, 2013 - PRLog -- LOS ANGELES AND MIAMI – Karlin Real Estate Lending has provided the strategic partnership of CGI Merchant Group and AFIN Developer Group with $11.58 million in first mortgage debt for the acquisition out of foreclosure of a commercial office portfolio in Southeast Florida.

The senior credit facility was cross collateralized by the 192,133-square-foot Office Commons Portfolio, which comprises three Class A office buildings located in Wellington, Stuart and West Palm Beach, FL.   All three buildings were built between 2005 and 2007 by a local developer and later foreclosed on in 2012.  The acquisition included the 86,736-square-foot Wellington Commons and 60,178-square-foot Vista Park Commons in the West Palm Beach metro as well as the 45,199-square-foot Stuart Commons near Port St. Lucie.   The three buildings were collectively 60 percent occupied.  Karlin’s credit facility includes a delayed draw fund for future tenant improvements and leasing commissions.

“Our financing allowed the sponsor to purchase these quality assets at a very attractive cost basis,” said Karlin Real Estate Lending Managing Director Larry Grantham.  “The CDG/AFIN team, which brings together investment management and operational and expertise, should be able to take advantage of an improving South Florida real estate market.”

About Karlin Real Estate Lending

Karlin Real Estate Lending, http://www.karlinre.com/lend.html a Los Angeles-based Bridge Lender backed by $1.5 billion in long-term equity capital, has deployed more than $200 million in senior and mezzanine financing for the acquisition and refinancing of opportunistic and transitional real estate assets throughout the United States.
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