Northbridge Centre
An office property in West Palm Beach, Florida. Securitized in 2 CMBS deals in 2024.
$158.4MAppraised value (latest deal)
85.8%Occupancy
$10.8MUnderwritten NOI
6.8%Implied cap rate
- Address
- 515 North Flagler Drive and 517 North Olive Avenue, West Palm Beach, FL 33407
- Property type
- Office · CBD
- Year built
- 1985
- Size
- 294,493 SF
- Sponsor
- C-III Capital Partners, Vanderbilt Office Properties, and Trinity Capital Advisors
- Loan purpose
- Refinance
- Largest tenant
- Quest Workspaces
Appearances in CMBS deals
| Deal | Cut-off / filing | Appraised | Occ. | UW NOI | Cap | Loan / alloc. bal. | LTV | DSCR | Source |
|---|---|---|---|---|---|---|---|---|---|
| BMO 2024-5C6 | 2024-09-12 | $158.4M | 85.8% | $10.8M | 6.8% | $53.0M | 60.6% | 1.55x | 424B |
| BBCMS 2024-5C29 | 2024-09-18 | $158.4M | 85.8% | $10.8M | 6.8% | $30.0M | 60.6% | 1.55x | 424B |
Historical NOI reported in BBCMS 2024-5C29
| Period ending | NOI |
|---|---|
| 5/31/2024 | $8.5M |
| 12/31/2023 | $7.4M |
| 12/31/2022 | $5.8M |
More CMBS properties in Florida →
Figures are read from Annex A-1 of the trust's SEC prospectus as of the deal's cut-off date. Parsing can misread a cell; the prospectus link is the authoritative source. Implied cap rate = underwritten NOI ÷ appraised value, shown only between 2% and 20%.