Holliday Fenoglio Fowler Arranges $14.1 Million Refinancing for Three Palm Beach County...

Business Editors

BOCA RATON, Fla.--(BUSINESS WIRE)--Jan. 16, 2003

The Boca Raton office of Holliday Fenoglio Fowler, L.P., the nation's leading commercial mortgage banking firm, arranged a $14.1 million refinancing loan for three Palm Beach county office buildings: The Harvey

Senior Managing Director Kurt Hoffmann arranged the five-year, adjustable-rate financing on behalf of The David Associates through South Trust Bank, a bank/thrift lender. The David Associates is a real estate development company with properties in Florida totaling over 600,000 square feet.

The three buildings included in the portfolio total 176,567 square feet. The Harvey Building is a 14-story building at 224 Datura Street. It offers 68,597 square feet of space and is 84% leased. 6801 Lake Worth Road is a 57,00-square-foot, three-story office building. The property includes a free-standing Wachovia Bank Branch and is 98% leased. 5700/5702 Lake Worth Road is in Greenacres, Florida. This property is improved with a three-story office building (5700) containing 43,500 square feet, in addition to a 7,500-square-foot single-level commercial strip center (5702). Both 5700 and 5702 combined are 100% leased.

"This financing recapitalized the borrower's office portfolio," said Hoffmann, "and allows for the conversion to a fixed-rate mortgage at any time within the loan term."

With 19 offices nationwide, Holliday Fenoglio Fowler, L.P. is one of the country's largest real estate capital intermediaries. Since 1998, the firm has capitalized debt, equity, structured finance and investment sales transactions of in excess of $59 billion.