April 14, 2020 – JLL Capital Markets announced today that it has arranged $39 million in financing for One Clearlake, a 221,079-square-foot, Class A office tower in West Palm Beach, Florida.
JLL worked on behalf of the borrower, a joint venture between Velocis and CREC Capital, to secure the loan through Prime Finance.
One Clearlake is prominently located along South Australian Avenue in the high growth West Palm Beach market featuring panoramic water views of the Atlantic Ocean and Clear Lake. One Clearlake’s robust amenity package, superior accessibility and recent multi-million-dollar renovation make it one of the most compelling office properties available to tenants in South Florida.
The JLL Capital Markets team representing the borrower was led by Director Maxx Carney, Senior Managing Director and Co-Head of JLL Capital Market’s Miami office Chris Drew, Senior Director Ike Ojala and Analyst Cody Brais.
“We’re honored to have advised Velocis and CREC Capital on the recapitalization of One Clearlake,” Carney said. “The best-in-class sponsorship, tremendously well-positioned asset and careful selection of Prime Finance, a trusted, relationship lender resulted in a successful, timely closing despite volatility in the broader real estate capital markets.”
“Prime Finance is honored to have been chosen by JLL and the Sponsors as the lender for this project. We worked hard to get the deal closed for Velocis and CREC Capital, despite the challenging market and look forward to helping them execute on their business plan,” Catherine Tatlock of Prime Finance commented.