Genesis Capital Partners XI, Ltd. an investment fund sponsored by GenCap Partners, Inc., today announced the successful refinancing of 110 Tower, the 30-story, 391,473 square-foot ‘class-A’ office building located in Downtown Fort Lauderdale’s Central Business District (CBD). The refinancing provides significant capital but maintains less than a 50% loan to value ratio. The financing was provided by American National Insurance Company of Galveston, Texas.
“The refinancing supports our long-term commitment to serving the Fort Lauderdale market,” said David Castilla, president of GenCap Partners, the owner representative of 110 Tower, which was recently awarded LEED Gold certification for Existing Buildings by the U.S. Green Building Council. Currently, 110 Tower is the only option for tenants seeking a LEED Gold certified building within a multi-tenant high-rise office tower in Downtown Fort Lauderdale. The landmark tower also received an ENERGY STAR® rating from the Environmental Protection Agency (EPA).
“With the refinancing in place, we will continue to move forward with our improvement program already underway, including the exterior lobby renovation, scheduled for completion in September. This refinancing is also a key factor in the successful and ongoing retenanting program of 110 Tower,” said Paul Vangrieken, senior vice president of GenCap Partners.
Financing was arranged by Tip Strickland, vice president, and John T. Fenoglio, senior vice president, of the Houston office of Grandbridge Real Estate Capital LLC, and Al Rex, senior vice president of the Fort Lauderdale office.
“GenCap and Transwestern have done a tremendous job in renovating and repositioning this iconic building,” said Fenoglio. “We are proud to have played a role in the recapitalization of 110 Tower.”
Noting that stability of ownership is a key factor for today’s tenants when selecting a building, leasing agent Laurel Oswald, senior vice president, Transwestern, added, “The refinancing provides tenants with peace of mind and allows us to continue repositioning the building as a premier ‘class-A’ building in Downtown Fort Lauderdale.”
The tallest building in the CBD, 110 Tower is in the midst of a comprehensive $15 million renovation program that includes upgrades to the ground floor lobby, new interior and exterior retail spaces, upgraded upper-floor common areas, restroom and other interior spaces, replacement and improvement of all building primary mechanical systems, and a unique exterior lighting system. New and existing amenities include an eatery, a health club with pool, bank, and conference center. To learn more, please visit www.110Tower.com. For leasing information, contact Walter Robinson, Laurel Oswald or Jennifer Lee of Transwestern at (954) 607-1083.
About Transwestern
Transwestern is one of the largest privately-held commercial real state firms in the United States. A diversified operating company, Transwestern is active in the real estate service, development and investment management businesses. Transwestern creates value for clients through innovation, penetrating market intelligence and legendary service delivered by teams of local market experts. The firm has product specialties including office, industrial, retail, multifamily and healthcare, as well as a wholly-owned research affiliate, Delta Associates. Transwestern leads the industry in sustainability and has received multiple ENERGY STAR® awards from the Environmental Protection Agency (EPA).
About GenCap Partners
GenCap Partners, Inc. is a real estate investment, advisory firm based in Dallas, Texas. The firm provides specialized real estate advisory, asset management and development services to domestic and international institutions in core markets nationwide. GenCap focuses on creating value and superior returns for its clients through investments in office, multifamily and industrial products. The GenCap Group brings substantial experience in sourcing, underwriting, structuring and managing real estate investment and development transactions. GenCap’s strategic approach to real estate balances opportunistic, core and value added approaches to the market to meet the unique risk profiles of its diverse clientele. GenCap currently manages over $400 million on behalf of its European private and institutional clientele.
About Grandbridge Real Estate Capital LLC
Charlotte, N.C.-based Grandbridge, a subsidiary of Branch Banking and Trust Company (BB&T), has a broad investor base that includes insurance companies, CMBS investors, pension fund advisors, commercial banks and capital markets investors, as well as its proprietary lending platform, BB&T Real Estate Funding. The company is a Fannie Mae DUS® (Delegated Underwriting and Servicing) lender, a Freddie Mac Program Plus® Seller/Servicer and Targeted Affordable Housing lender, and an approved FHA Multifamily Accelerated Processor (MAP) and LEAN healthcare lender. Grandbridge arranges permanent commercial and multifamily real estate loans; services loan portfolios; and provides asset and portfolio management, as well as real estate brokerage services. The company has a current servicing portfolio of more than $24.7 billion and represents approximately 100 capital providers. More information about the company is available at www.gbrecap.com.