BOCA RATON, FLA. — BH Group and PEBB Enterprises have secured $89.9 million in financing for The Eclipse, a 29-acre mixed-use redevelopment in Boca Raton. City National Bank and Abanca provided the new financing, which grew the loan proceeds for the construction financing from $47 million to nearly $90 million. BH Group and PEBB are partnering on the office and retail components of The Eclipse. The companies are also co-developing the 500-unit residential component in partnership with Related Group.
The redevelopment includes a Class A overhaul of the project’s existing 405,000 square feet of office space across two buildings, which were formerly the corporate headquarters for retailer Office Depot. Notable office tenants include Atlantic | Pacific Cos., Kanner & Pintaluga, MN8 Energy and ODP Corp. The Eclipse also includes two ground-up retail and restaurant outparcel buildings totaling approximately 21,500 square feet, as well as a nearly 37,000-square-foot Equinox gym.