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Jax Daily Record Monday, Oct. 18, 202103:56 PM EST

Owner refinances Summit at Southpoint property

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New York-based Rose & Berg Realty owns the building through Summit at Southpoint Investors LLC.
by: Katie Garwood Staff Writer

The owners of Summit at Southpoint, a 268,000-square-foot office building along Southpoint Parkway, refinanced the property with a $27,225,000 loan, broker Adrian Edery with Paradigm Commercial Real Estate announced Oct. 15.

Edery said Oct. 18 that the owner joined a wave of office asset owners refinancing their properties. New York-based Rose & Berg Realty owns the building through Summit at Southpoint Investors LLC. Aaron Rosenberg is the manager of the LLC. 

The four-building property is at 6410 Southpoint Parkway. 

The principals of Rose and Berg purchased it in 2018 for $29.55 million.

"R&B Realty group purchased the property a couple of years ago with a prevailing occupancy level of around 70%," Edery said.

"Using their market and asset class knowledge, they were able to successfully execute on a lease-up plan to long-term, creditworthy tenants, which in turn significantly increased the buildings' value."

Edery said the owner originally took a bridge loan to cover the costs to lease up the building, and once he did, he was able to get a 10-year fixed permanent debt loan at 3.5%.

The property is anchored by Keiser University and Ocenture.

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