Knighthead Funding Provides $50M Acquisition Loan for Office Portfolio in Downtown West Palm Beach
WEST PALM BEACH, FLA. — Knighthead Funding LLC has provided a $50 million loan for the acquisition of a three-property office portfolio in downtown West Palm Beach. The financing is a 48-month, interest-only loan. The borrower, Morning Calm Management, is buying the portfolio from an undisclosed seller.
The three office buildings, which are located at 224 Datura St., 324 Datura St. and 319 Clematis St., are located within one mile of each other. The properties range in size from four to 15 stories and total 234,902 square feet. Collectively, the portfolio is approximately 80 percent leased. A portion of the loan proceeds will be used toward capital improvements, as well as leasing costs.