Alliant Credit Union provided the 3.19% fixed-rate loan for Northpoint Technology Center
WEST PALM BEACH, FL (December 17, 2021) — Franklin Street has arranged the $7 million refinancing of Northpoint Technology Center, a 70,121-square-foot industrial flex property in West Palm Beach.
Franklin Street’s Joseph Landsberg, Director of Capital Advisory in the firm’s Fort Lauderdale office, secured the 3.19% fixed rate loan from Alliant Credit Union, one of the country’s largest credit unions. The non-recourse loan is structured with a 10-year term and a 30-year amortization to allow the borrower to recapture equity.
“This client previously had a disappointing experience trying to source debt for this asset, but Franklin Street was able to leverage one of our top credit union relationships to get the deal done,” said Landsberg. “We’re pleased to have closed our second deal with this client.”
“Industrial assets are on fire at the moment in terms of value and demand, so this was a natural fit for the lender,” he added.
Built in 1988, Northpoint Technology Center is 100% occupied by five long-standing tenants. The property sits on 4.4 acres at 1501 Northpoint Parkway and provides ease of access to several of the region’s major highways, including Interstate 95, Florida’s Turnpike and U.S. 1.
Franklin Street’s Capital Advisory Team provides strategic, full-service debt and equity solutions for virtually all commercial asset classes, nationwide. The team, led by Casey Siggins, Ben Miller, also includes Casey Crane in Tampa and Laura Gonzales in Jacksonville.
About Franklin Street:
Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With more than $5 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the company has offices in Fort Lauderdale, Jacksonville, Miami, Orlando and Atlanta. Learn more about Franklin Street at FranklinSt.com.