FoxRock Properties has received $16.7 million in refinancing for Courthouse Commons, an 85,660-square-foot office building in West Palm Beach, Fla. A JLL Capital Markets team led by Senior Director Jonathan Schneider worked on behalf of the borrower to secure the five-year, fixed-rate loan from Rockland Trust Co.
IP Capital Partners sold the property to FoxRock in 2018 for $22.8 million, according to CommercialEdge data, which financed the purchase with a $15.8 million loan originated by Citizens Bank of Florida.
Completed in 2007, the five-story building has a steel frame construction type and masonry exterior. The amenities at Courthouse Commons include a lobby with granite and marble finishes, a café with indoor and outdoor seating, three passenger elevators, controlled access and a six-story parking garage with a pedestrian skywalk which provides direct access to the County Courthouse.
The Class A office building is fully leased to six tenants, including the Department of Homeland Security, Granite Telecommunications, Slusher & Rosenblum, U.S. Drug Enforcement Administration and Burlington & Rockenbach.
Centrally located at 444 W. Railroad Ave., Courthouse Commons is across from the City Hall, in an area with an abundance of dining options, retail centers and entertainment venues. Palm Beach International Airport is only 4.4 miles away.
FoxRock has recently secured a $17.3 million refinancing for an office and industrial property totaling 282,924 square feet in Lincoln, R.I. JLL’s Jonathan Schneider arranged that deal as well.
