Gatsby Florida Secures $100.4 Million Refinancing for DiVosta Towers Class A Office Campus in Palm Beach Gardens

Gatsby Florida has successfully secured a $100.4 million loan to refinance DiVosta Towers, a 220,000-square-foot Class A office campus located in Palm Beach Gardens. Facilitated by Berkadia, the three-year, floating-rate, interest-only loan from Cirrus Real Estate Partners replaces debt previously arranged in 2022. This transaction underscores the continued lender appetite for high-quality, fully leased trophy office assets even as the broader sector faces increased scrutiny.

Berkadia’s Miami-based team, including Senior Managing Director Charles Foschini, Managing Director Scott Wadler, and Associate Director Shannon Wilson, arranged the $100.4 million refinancing on behalf of the sponsor, Gatsby Florida. The financing was provided by Cirrus Real Estate Partners as a three-year, floating-rate, interest-only loan. The proceeds will refinance existing debt from 2022 for the two 11-story office towers, which were completed in 2019 and 2020. Located at 3825 and 3835 PGA Boulevard, the campus represents the first new office development in the submarket in over a decade and is currently 100% leased to a diverse roster of global and national tenants.

The property serves as a corporate home for high-profile firms such as JP Morgan, Wealthspire Advisors, and Virtu Financial. Recent leasing momentum includes a long-term agreement with insurance broker NFP for 15,010 square feet and a lease with Gardens Wealth Management for 5,010 square feet. The campus features floor-to-ceiling glass, 10-foot ceiling heights, and premium amenities including structured parking with direct lobby access, EV charging stations, and outdoor gathering spaces. Ownership, led by Gatsby Enterprises’ Nadar Shalom and Master Mind LLC’s Babak Ebrahimzadeh, acquired the complex in 2020 for $80 million and has since focused on a hands-on management and leasing strategy to maximize asset value.

Industry experts at Berkadia noted that while the office sector is currently the most scrutinized asset class, DiVosta Towers remains attractive to lenders due to its institutional-caliber tenancy and a location where new supply is constrained. Palm Beach Gardens has emerged as a premier office submarket, with rents increasing more than 90% over the last decade driven by significant corporate in-migration to the West Palm Beach area. Building on this success, Gatsby Florida President Babak Ebrahimzadeh announced plans to begin construction this year on 'The Modern,' a new office tower designed to serve the ongoing influx of best-in-class global tenants relocating to Palm Beach County.