CNB provided the loan to New Boston Fund, a private real estate investment, development and management firm that purchased One Park Square in October 2010. The loan, which is a three-year mortgage with an option to extend two additional years, will be used for tenant improvements and leasing commissions.
One Park Square is approximately 60 percent occupied. Its tenants include Amadeus, Harley-Davidson’s Central and South America division and the Latin Recording Academy. Doral eatery Harvest Delights will soon relocate to One Park Square from its current location nearby.
“This is a tremendous asset that is well located,” said Scott McCleneghen, CNB’s Managing Senior Vice President and Palm Beach Market Executive who managed the loan for the bank. “New Boston Fund has a great track record for acquiring quality properties such as this.”
Mr. McCleneghen also credited Pryse Elam, New Boston’s Regional Director for the Southeast, for partnering with CNB to secure the loan.
About City National Bank of Florida
Headquartered in Miami, City National Bank of Florida (CNB) is the financial institution to which Floridians have turned for more than 65 years. The sixth-largest financial institution in the state, City National Bank of Florida was named the South Florida Business Journal’s Local/Community Bank of the Year in 2011. CNB is backed by Caja Madrid, founded more than 300 years ago and one of Spain’s largest financial institutions. CNB offers a diversified portfolio of financial products and services at 26 convenient banking centers from Miami-Dade County to the greater Orlando area.
About New Boston Fund
New Boston is an independent, privately owned real estate investment manager and an industry leader in providing real estate investment, development and management services with a history of strong sponsorship and oversight of its investment funds. New Boston has developed or acquired commercial and residential properties with a cumulative market value of about $4.4 billion, including 23 million square feet of commercial real estate and 7,500 residential units. Our investment vehicles cater to institutional and high-net worth investors by offering value-add and urban real estate investment funds with a focus on diversification and capital preservation. The New Boston Fund: People, Values, Returns.