WHITE PLAINS, N.Y. (Sept. 13, 2023) — Robert Ranieri, senior vice president/managing director in the White Plains office collaborated with Ryan Whitaker, senior vice president/managing director, at Northmarq’s Jacksonville office to arrange the $3.7M refinance of an approximately 45,400 sq. ft. office center located in Jacksonville, Florida. Northmarq secured the permanent loan for the borrower though its relationship with a life insurance company. The transaction was structured on a 15-year term consisting of three five-year fixed interest rate periods with a 25-year amortization schedule.
Constructed in the early 1970’s, Regency Business Center features four singe story buildings on a 4.8-acre site containing a mix of professional office and personal service tenants. Amenities at the property include common restrooms and common reception areas in each building. Regency Business Center is ideally located on a major west-east thoroughfare connecting downtown Jacksonville about 15 minutes west with the beaches to the east, and it is one mile west of the I-295 beltway.
“Financing an office building in this lending environment is challenging for sure," Ranieri said. "We went to market going to local banks, credit unions and life insurance companies. The lender was able to provide the best combination of loan proceeds and an attractive interest rate."