CIBC Provides $57M Acquisition Loan on Boca Raton Office Campus

Canadian Imperial Bank of Commerce (CIBC) has supplied $56.5 million in acquisition debt to a joint venture between IP Capital Partners and Edge Principal Advisors to acquire a Class A office campus in Boca Raton, Fla., Commercial Observer has learned. 

The floating-rate acquisition financing went toward the joint venture’s buy of Fountain Square, a roughly 243,000-square-foot office campus built around a central courtyard with a fountain in the middle, hence the name of the asset.

A representative of CIBC confirmed that the bank had made the loan, but declined to comment further. 

JLL’s Chris Drew, Maxx Carney, Reid Carleton and Jimmy Calvo comprised the team that sourced and arranged the debt on behalf of the borrowers. 

“We are pleased to have advised [the borrowers] in the capitalization of Fountain Square,” Drew said. “The debt market’s robust response to this opportunity demonstrated the lending community’s confidence in the new owner’s stature as one of the best office operators in the southeastern United States, as well as lender’s conviction in the strength and resilience of the Florida office market.”

The three-building property is situated on a 15-acre site at 2600-2700 North Military Trail in Boca Raton, next to Interstate 95 and surrounded by a variety of other offices and about 2 million square feet of retail, including Simon Property Group’s 1.8-million-square-foot mall, the Town Center at Boca Raton, according to data from JLL. Fountain Square also includes 873 surface parking spaces, as well as canopy parking, according to a property brochure released by Cushman & Wakefield (C&W).

It’s unclear who the seller is, but Bridge Commercial Real Estate had been managing the property until Sept. 30, according to an emailed response CO received from an official who was in charge of managing of the property. 

Fountain Square was sold for $54.5 million in December 2017 by a joint venture between Greenwich, Conn.-based Contrarian Capital Management and West Palm Beach-based real estate services firm NAI/Merin Hunter Codman, according to Palm Beach property records and  a 2017 press release from the pair.

In the few years between when the Contrarian Capital-led JV sold the property and the previous owner offloaded it last month, a number of renovations had been completed, including new signage, freshcoats of exterior paint, updated landscaping, parking lot upgrades, and improvements to the central fountain and common areas, according to the C&W brochure. A new café in one of the buildings was also added, as well as a new covered lounge area with outdoor seating. 

Officials at IP Capital Partners and Edge Principal Advisors did not respond to inquiries prior to publication. 

Mack Burke can be reached at

Read More: CIBC Provides $57M Acquisition Loan on Boca Raton Office Campus

Notify of
Inline Feedbacks
View all comments