Mizner Place Gains New Owner With Funds Arranged By Progress Capital
Kathy Anderson of Progress Capital secured $6,400,000 in acquisition financing for a long-time client to purchase Mizner Place, a 53,760 SF, Class B medical and professional complex located at 5601 Corporate Way, West Palm Beach, FL.
Synovus Financial Corp. provided the acquisition loan accompanied by favorable terms including a 12-month interest only period and funds for tenant improvements and leasing commissions.
Mizner Place was built in 1974 and remodeled in 2018. The meticulously maintained property features electric vehicle charging stations, full exterior monitored camera security system, abundant parking and a beautifully landscaped central courtyard. The property sits on 5.01 acres and is comprised of four buildings with a total of 15-units, occupied by a diverse tenant roster including medical and office tenants.
Situated at the NE corner of I-95 and 45th Street in the Spencer Lakes neighborhood of West Palm Beach. The property is in immediate proximity to JFK Medical Center North Campus, St. Mary’s Medical Center, the new Palm Beach Outlets shopping mall, and numerous other dining and retail establishments. A number of premium amenities, including the Ballpark of the Palm Beaches, the upscale Palm Beach Outlets and the popular Gardens Mall are located a few minutes away.
Progress Capital is a commercial mortgage advisory firm with over $40 Billion in closed loans and $150 Million of directly funded bridge loans. With over 30 years of experience, we continually prove our value to our clients by securing the best capital options available in the market