May
22
Ivy Realty Acquires $68M Miami Office Portfolio
ByCushman & Wakefield handled the negotiations and arranged financing for the office buildings located within Waterford at Blue Lagoon.
Waterford at Blue Lagoon Business Park
Miami–Ivy Realty, a Greenwich, Connecticut-based real estate investment, development and management company, acquired a five-building office portfolio in Miami’s Waterford at Blue Lagoon Corporate Business Park for $68.25 million, or $190.92 per square foot.
Cushman & Wakefield arranged $50.5 million in financing for Ivy Realty’s acquisition. The firm’s Equity, Debt & Structured Finance team formed of Senior Director Jason Hochman from the company’s Miami office, along with Senior Managing Director Michael Ryan and Managing Director Brian Linnihan from the Atlanta office, assisted Ivy Realty in securing the financing. The loan includes funds for Ivy Realty’s capital improvement plans and future leasing costs to stabilize the buildings. The non-recourse loan was provided by CIBC World Markets…
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