Monroe Capital’s opportunistic private credit group closed on a $50.75 million mortgage loan to Tricera Capital for the construction and redevelopment of The Press, a mixed-use project in West Palm Beach, FL.
Located on more than 11 acres, The Press is an adaptive re-use project in which nearly all existing structures are being preserved. It includes Shops at the Press, a 125,000-square-foot retail component, and Workspaces at the Press, an adjacent 140,000 square-foot office building.
“We are thrilled to complete this transaction and appreciative of Monroe Capital’s belief in our firm’s most ambitious project to date,” Scott Sherman, principal at Tricera Capital, said. “The tenant mix is coming together nicely, with retailers that will complement the office tenants next door and surrounding neighborhood. The Press is poised to reinvigorate the Dixie Highway corridor.”
“We are excited to partner with Scott, Ben and the Tricera team on this asset. This represents Monroe’s continued interest and appreciation of opportunities in the South Florida real estate market,” Kyle Asher, co-head of Monroe Capital’s opportunistic private credit group, said. “Monroe continues to establish and grow its real estate business. While many competitors were impacted by COVID, we identified opportunities and closed our seventh real estate transaction in the last 12 months.”
