Monroe Capital Opportunistic Private Credit Group Provides Financing for The Press in West Palm Beach
Chicago, IL, April 29, 2021
Monroe Capital LLC (“Monroe”) today announced its Opportunistic Private Credit group closed on a $50.75 million mortgage loan to Tricera Capital for the construction and redevelopment of a mixed-use project, The Press, in West Palm Beach.
Located on more than 11 acres at 2751 S. Dixie Hwy. at the Palm Beach Post campus, The Press is an adaptive re-use project in which nearly all existing structures are being preserved. It includes a 125,000-square-foot retail component – Shops at the Press – and an adjacent 140,000-square-foot office building branded as Workspaces at the Press.
“We are thrilled to complete this transaction and appreciative of Monroe Capital’s belief in our firm’s most ambitious project to date,” said Scott Sherman, Principal at Tricera Capital. “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,” said Kyle Asher, Co-Head of Monroe Capital’s Opportunistic Private Credit Group. “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.”
This transaction is representative of Monroe Capital’s Real Estate Finance vertical within the Opportunistic Private Credit group. The vertical focuses on complex and special situation structured debt and equity financings covering all asset types and geographies. The team has a broad investment mandate, flexible capital and prides itself not only on its “bottoms up” real estate expertise but also on its ability to move quickly and efficiently and provide certainty of execution. For over 17 years, the firm has been investing in asset-backed transactions with attractive collateral, as well as cash flow and enterprise value based loans.