The glassy office "pyramids" you can spot from I-95 in Palm Beach Gardens just pulled off a nine-figure money move. Gatsby Florida has locked in a $100.4 million refinance for DiVosta Towers, a pair of 11-story, Class A buildings capped with Louvre-inspired pyramid frames that keep the suburban campus squarely in trophy territory. The property is fully leased, and the new short-term, floating-rate debt replaces a mortgage the owners put in place in 2022, giving the sponsor room to maneuver as it chases new development nearby.
Who arranged the loan
In a press release from Berkadia, the firm said it arranged the $100.4 million refinancing on behalf of Gatsby Florida, with Senior Managing Director Charles Foschini, Managing Director Scott Wadler and Associate Director Shannon Wilson leading the deal. Berkadia reported that Cirrus Real Estate Partners supplied a three-year, floating-rate, interest-only facility that takes out the mortgage Berkadia had arranged in 2022. The firm described the structure as positioning the asset for continued performance in what it called a selective lending market.
Property and tenants
The DiVosta Towers campus totals about 220,000 square feet and delivered in 2019 and 2020, making it one of the first new office projects in the submarket in more than a decade, according to The Real Deal. The towers house national and global tenants that include J.P. Morgan, Wealthspire Advisors and Virtu Financial, that coverage notes, and market listings show features such as floor-to-ceiling glass, structured parking and EV charging on site. Gatsby picked up the buildings in 2020 as part of an approximately $80 million portfolio acquisition, industry reports say.
Why lenders backed the campus
Berkadia executives argued that full occupancy and an institutional-caliber tenant lineup help the campus stand out in a cautious office environment. "In today’s lending environment, office is the most scrutinized asset class, and refinancing even high-quality properties has become increasingly selective," Foschini said in the Berkadia release. That underwriting view, the firm added, helped convince Cirrus to go with a shorter, more flexible loan instead of a long-term fixed-rate mortgage.
Next steps for the sponsor
Gatsby is already pushing out the next phase of its Palm Beach Gardens playbook, a proposed 220,000-square-foot office tower called The Modern, and has tapped Hedrick Brothers as contractor for the project, according to industry write-ups. CityBiz and local coverage report that The Modern is entering pre-leasing ahead of a planned groundbreaking, and the fresh refinancing should help keep Gatsby’s balance sheet nimble as it advances that pipeline. For now, the pyramid crowns on PGA Boulevard remain both a design calling card and a financial anchor for the corridor.
