CBRE Capital Markets announced Feb. 14 it has secured $37.9 million in construction financing for the Jacksonville Jaguars’ new headquarters office building near EverBank Stadium.
CBRE said Philip Rachels and Jeff Kinney of the commercial real estate company’s Jacksonville office worked on behalf of the borrower, Shipyards Office LLC, a subsidiary of Iguana Investments Florida LLC, to secure the 10-year loan provided by First Horizon Bank.
Iguana Investments is led by Jaguars owner Shad Khan and franchise executives.
The proposed six-story, 143,000-square-foot Class A office building is in development at 1406 Gator Bowl Blvd.
The Jaguars will lease three floors in the building, with two of the remaining floors marketed for lease.
CBRE said a Jaguars affiliate will lease a portion of the first floor to be operated as a fitness facility, with the remaining ground floor retail space to be marketed for lease.
The release said there will be 9,670 square feet of rentable retail space.
“While office fundamentals remain challenging, we were able to secure offers from a number of lending sources who clearly understood the value of the opportunity from the ownership entity, the Jaguars as the main tenant, as well as the City of Jacksonville,” said Kinney, CBRE senior vice president, in the release.
“First Horizon’s team differentiated itself with a solid loan structure and a local team approach which secured the confidence of our client.”