Yardley, PA – Cushman & Wakefield announced today that the firm served as the exclusive advisor to Pembroke IV LLC in the procurement of $14.9 million for the refinancing of 1000 Floral Vale Boulevard, an 87,155-square-foot office complex located in Yardley, Pennsylvania. The refinancing was provided by Tremont Realty Capital.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Gideon Gil, Sridhar Vankayala and Zachary Kraft represented Pembroke IV LLC.
“Floral Vale is recognized as one of the premier assets in this submarket,” said Gideon Gil. “Our sponsor was excited to work with Tremont, who provided a custom solution for the sponsor’s business plan.”
1000 Floral Vale Boulevard is an 87,155-square-foot, four-story office building located in Yardley, Pennsylvania. Originally built in 2009, the building is a Class-A-LEED Gold certified property that is currently fully leased, with Touchpoint Solutions, Inc. and The Trustees of the University of Pennsylvania making up approximately 77 percent of the building. Pembrooke IV LLC acquired this asset in 2014 when it was 80 percent leased and subsequently increased occupancy to 100 percent. This transaction provides the sponsor a bridge loan to facilitate a re-tenanting of the building along with refinancing the current maturing CMBS loan.
Located immediately off Exit 8 on Interstate 295 in Yardley, Pennsylvania, the property’s strategic location between Philadelphia, Pennsylvania and Princeton, New Jersey is easily accessed via interstate 295 and Route 332. 1000 Floral Vale Boulevard is within close proximity to the Newtown borough as well as nearby hotels, fitness facilities, daycare facilities and the Trenton-Mercer airport.