PALM BEACH GARDENS, FLA. — Berkadia has arranged a $100.4 million loan for the refinancing of DiVosta Towers, a two-building office campus located at 3825 and 3835 PGA Blvd. in Palm Beach Gardens, a city in South Florida’s Palm Beach County. The Class A property comprises two 11-story office buildings spanning 220,000 square feet that are connected by a parking structure. The property was fully delivered in 2020 and houses tenants including JP Morgan, Wealthspire Advisors and Virtu Financial, among others.
Charles Foschini, Scott Wadler and Shannon Wilson of Berkadia’s Miami office arranged the three-year, floating-rate loan through Cirrus Real Estate on behalf of the borrower, Gatsby Florida. The sponsor is also building The Modern at Palm Beach Gardens, a 220,000-square-foot office building located at 11200 RCA Center, less than one mile from DiVosta Towers.