Holliday Fenoglio Fowler, L.P. (HFF) announces the $41 million financing of Coastal Tower, a 261,676-square-foot office tower in Fort Lauderdale, Florida.
The HFF team worked on behalf of the borrower, Cardinal Point Management, to secure the acquisition financing from New York Life Insurance Company. Loan proceeds were used to acquire the property and provide capital for an upcoming building renovation.
Cardinal Point Management owns over 1.2 million square feet of commercial real estate throughout Florida; however, this is their first acquisition in South Florida.
“After searching for opportunities for some time, we are excited to enter the South Florida office market and look to further bolster our portfolio through future acquisitions. The high barriers to entry coupled with strong market fundamentals and growth in greater Fort Lauderdale attracted us to the property,” Cardinal Point Principal Gregory Williams said.
Coastal Tower is located at 2400 East Commercial Boulevard in the Uptown Fort Lauderdale submarket. The 12-story tower was most recently renovated in 2008 and includes tenants such as: USI Insurance, Morgan Stanley and Mass Mutual.
The HFF debt placement team representing the borrower included senior managing director Chris Drew, director Brian Gaswirth and associate Matthew McCormack.
“Cardinal Point has been actively looking to expand their footprint into South Florida and this acquisition allows them to enter the highly sought-after Fort Lauderdale market,” Gaswirth said. “The accretive debt was a testament to the strength of the sponsorship and asset.”
About Cardinal Point Management
Cardinal Point Management is a well-capitalized and highly-experienced investment management firm with an institutional background. Based in Tampa Bay, the firm is focused on value-add commercial and residential investment and property management throughout the state of Florida. Cardinal Point seeks enhanced risk-adjusted returns by identifying dislocations in the capital markets and opportunistic situations in commercial and residential real estate. Cardinal Point subsequently seeks to make investments in these “value-add” opportunities where the firm’s property management, asset management, and brokerage platform is a key cornerstone of successful strategy execution. Sample investments in the Tampa Bay region include the Slade in Channelside, Riverside at Telecom Park, a 440,000 SF office portfolio in Carillon, and the Shops on South Howard. Learn more at www.cardinalpointmanagement.com.
About New York Life
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies**.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/1/18. For methodology, please see http://fortune.com/fortune500/. **Individual independent rating agency commentary as of 8/1/2017: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).
About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
