Advalurem Group and Pembroke IV have closed a first mortgage loan with Tremont Mortgage Trust.
The $14.9 million loan includes $900,000 of proceeds for capital improvements and leasing costs at 1000 Floral Vale, a Class-A LEED Gold certified four-story office building totaling 87,155 s/f built in 2009.
The loan has a three-year initial term with two, one-year extension options.
The property is currently 98 percent leased until August 2021 when a portion of the building becomes available.
Gabriel Pozo, founder and principal of Advalurem Group, said, “We are seeing strong leasing velocity at the property. The bridge financing allows the partnership to execute on its value-added business plan of addressing the vacancy in eighteen months and provides the flexibility to exit at a profit.”
