CBRE Capital Markets Secures $14 Million in Financing for University Park & Pelican Bay Financial Center in Southwest Florida

CBRE Capital Markets’ Debt & Structured Finance team has successfully secured a bank balance sheet loan to finance University Park & Pelican Bay Financial Center, a five-building, 232,388-square-foot office portfolio located in Naples and Fort Myers.

CBRE’s Amy Julian and Andrew Chilgren represented the owner, Uccello Immobilien GmbH, in the transaction. Intercredit Bank provided the $14 million loan. Square2 will continue providing management service.

The portfolio features two exceptional assets in two of Southwest Florida’s most sought-after neighborhoods. University Park, a four-building business campus totaling 170,664 square feet, features structured parking, fiber-optic infrastructure, an on-site café, and flexible floor plans that cater to a diverse tenant base. Pelican Bay Financial Center, a 61,724-square-foot Class A office building, is located at the entrance to Pelican Bay, one of Florida’s most prestigious communities.

“Uccello has had tremendous success, and Intercredit Bank recognized this success and stepped up to provide highly favorable financing terms,” said Julian, Senior Vice President at CBRE.

The properties combined occupancy was 93%, which provides an exceptionally secure income stream with strong coverage and future upside through a substantial mark-to-market and the lease-up of remaining vacant space.

“Driven by the resilience of the Southwest Florida office market, which boasts a 95% occupancy rate, the Sponsor has successfully executed 90,000 square feet of new leasing over the past 18 months,” added Chilgren, First Vice President at CBRE.