Berkadia Secures Refinancing for San Marco East Plaza in Jacksonville
JACKSONVILLE, FLA. — Berkadia has secured the refinancing of San Marco East Plaza, an office and retail park in Jacksonville. Rebecca Van Reken and Alec Fox of Berkadia’s Orlando office secured the financing on behalf of the owner, Prescott Group.
The Dallas-based borrower took ownership of San Marco East Plaza via foreclosure in March 2019, following the purchase of a defaulted $52 million note. Prescott Group completed a capital improvements plan that included new roofs, new green spaces and enhanced lighting.
In 2020, RF Smart moved its headquarters to the property, which brought occupancy up to 94 percent. Then in March, Prescott completed the sale of the former Jacksonville Ice and Sportsplex to the Jacksonville Iceman and local investors who plan to spend over $11 million to renovate the ice center to a modern rink and training facility known as the “Igloo.” Other tenants at San Marco East Plaza include Baptist Health Wells Fargo, First American Title, Excel Church and The Edge Rock Gym.
San Marco East Plaza features parking and outdoor green spaces with weekly food trucks offering lunches for office tenants.
Berkadia secured the fixed-rate, non-recourse loan with Florida-based City National Bank. The property had previously been encumbered with a bridge loan from Global Atlantic, which is now a subsidiary of KKR.