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The former office space of the Palm Beach Post will be repositioned into a mixed-use retail and office space. This property will consist of 125,000 square feet of retail space and 140,000 square feet of office space. The retail complex will be housed in the paper’s former printing press and known as “Shops at The Press.”
The office complex will be housed in the paper’s former office space and known as “Workplaces at The Press.” The Palm Beach Post will maintain the entire second floor of office space in the complex being branded as “The Press.”
Investment Type: Commercial
Property Description: Mixed-use retail and office
Loan Amount: $20,300,000
Amenities
The office space available for rent at The Post is classified as “Class A” office space. Class A is the highest class of office space and represents the newest and best-looking buildings with quality construction and infrastructure. Additionally, these offices have ideal locations and are professionally managed. Compared to Class B and Class C office spaces, Class A attracts the best tenants and garners the highest rents.
In addition to private office suites, the Workplaces at The Press will have a newly renovated lobby/common area for tenants to enjoy. Amenities in this space include private meeting areas, casual congregation spaces, chilled liquor storage, and a bar.
The retail space has multiple division scenarios available to meet the needs of a wide variety of different retailers. There’s an on-site surface parking lot available that allows for easy parking for both employees and customers. Ownership of these spaces is open to all uses, and there are various signage opportunities available to promote businesses.
Although not officially announced, some of the rumored tenants include national brands like organic grocer “Sprouts” and coffee shop “Starbucks,” just to name a few.
Community
The Press is slated to be an incredible asset to the West Palm Beach community. The development is located right off Highway 1 and is just a few blocks away from the water in a very desirable location.
But what else does West Palm Beach have to offer its 110,000 residents?
West Palm Beach is known for its diverse and top-notch shopping and dining options. Worth Avenue is an upscale waterfront district that offers a whole host of different restaurants and shops to check out. Clematis Street in downtown West Palm also has tons of shopping and dining options to explore.
West Palm Beach is also known for its golfing options with the West Palm Beach Golf Course and the Trump International Golf Club. If golf isn’t your thing, perhaps the ocean is. West Palm is located right on the Atlantic Ocean, so you have plenty of beaches to choose from.
This area has experienced a lot of growth in recent years. Its population increased almost 14% in the past 10 years — translating into a 1.4% annual increase. The Press complex will definitely be a draw for both new residents and investors to the area.
Financing
Financing a project as large as the Palm Beach Post Repositioning can definitely be a challenge. However, this project was particularly difficult to finance because the land was subject to a ground lease.
Additionally, because the Palm Beach Post formerly occupied the entire building but had decided to downsize, the property suddenly had a very low occupancy rate. Many lenders would have seen these two factors alone as huge red flags, but Vaster saw the potential in the property and was willing to find a lending solution.
As a result, Vaster provided an initial loan disbursement for the acquisition of the property, as well as a second disbursement to buy out the ground lease from the Palm Beach Post. In such unusual circumstances, many traditional lenders would have walked away and refused to help.
Again, Vaster saw the potential in the repositioning of this property thanks to a loan committee with extensive real estate development experience. The loan committee was able to understand the Palm Beach market, along with the redevelopment opportunity, which ultimately made the financing of this project feasible.
Bridging the Gap
Vaster helped fund this project, and we can help fund yours too. We specialize in bridge loans — temporary lending solutions designed to “bridge the gap” between closing on a property and securing permanent financing that can take time.
As a result, bridge loans are ideal for quick real estate transactions and help give you an edge over competitive cash offers. In such a hot real estate market, it can be hard to get an edge over buyers with tons of cash, but a bridge loan from Vaster Capital can help make your offer look just as good as cash.
Many investors are tempted to use hard money loans for quick and easy cash, but bridge loans might be a better option. This is because bridge loans have lower interest rates, and you can use many different things in order to qualify.
Traditional lenders tend to reject applicants below a specific credit score or without two years of financial documentation. Vaster Capital, on the other hand, does not do that. Instead, we are willing to work with applicants from all backgrounds, including foreign investors who might not meet the rigid and often unrealistic expectations from big banks.
The First Resort
Thanks to our approach to lending, investing in real estate or simply purchasing a home in South Florida is possible with our bridge loan products.
So before you get turned down by yet another big bank or turn to a hard money loan that will cost you thousands of dollars in interest, reach out to our lending experts. They will be able to guide you through both the purchasing and lending processes from start to finish.
Sources:
Tricera Reveals Plans for Palm Beach Post Building | The Real Deal
Primer: Differentiating Class A, B, and C Office Space | Area Development
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