Dockerty Romer & Co. Arranges $3,500,000 in Financing for Fractured Industrial Condominium Project

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Joe Hepp of Delray Beach’s Dockerty Romer & Co. has arranged permanent mortgage financing in the amount of $3,500,000 for the acquisition of Southern Park of Commerce, a 73,000 SF flex/Industrial, fractured condominium, representing 80% of the overall property. The fixed rate financing was provided by Americo Financial Life & Annuity Company. A 10- year, fixed rate transaction was negotiated. The Borrower, Tigertail Lake Warehouses Ltd, headed by Fred and Rick Zorovich, purchased the property to complement their portfolio of Industrial properties throughout Broward, Palm Beach, and Martin Counties. The property is located on the northwest corner of Southern Blvd. and the Florida Turnpike, at 342 Pike Road, West Palm Beach. Hepp commented, “This property, which was developed in 2008, is 90% leased and represents a perfect complement to the borrower’s current real estate portfolio. The borrower’s experience in operating these types of properties allowed the lender to get comfortable with the collateral being a fractured condominium.” The recently built property is extremely well maintained.