Berkadia Commercial Mortgage LLC’s Charles Foschini and Christopher Apone have secured a $22.5 million bridge loan for the repositioning of the former Bank of America building in West Palm Beach.
The 10-story tower on 1.3 acres at 625 N. Flagler Drive lost its bank anchor tenant last year. That’s when Michael McCloskey, the CEO of FRI Investors Inc., swooped in to acquire the building in an off-market $23 million deal last September. Foschini worked with McCloskey on several financing deals during the last cycle.
