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A joint venture between Stiles Corporation and Las Olas Capital has sealed a $55 million debt package to refinance an office property in Fort Lauderdale, Fla., that serves as the corporate headquarters for AutoNation, Commercial Observer can first report.
Barclays (BCS) and Argentic co-originated the loan for the sponsorship’s The AutoNation Building in Downtown Fort Lauderdale. The deal retires a $53 million loan previously issued on the asset by PNC Bank.
Baybridge Real Estate Capital’s Jay Miller, Spencer Miller, AJ Felberbaum and Noah Rothman arranged the transaction.
“As difficult as it is for any type of CRE finance today, and especially a central business district office tower, the ability to get this loan closed and done at what all parties felt were reasonable terms and conditions speaks to the quality of the team,” said Paul Tanner, founder and president of Las Olas Capital.
Located at 200 SW First Avenue, the 204,347-square-foot building was completed in 2007. AutoNation occupies 85 percent of the property with the remaining tenants consisting of professional services firms.
Officials at Barclays, Argentic and Stiles Corporation did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
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