EBSC Lending provided Apex Financial with $41.7 million in short-term first mortgage debt to acquire a portfolio of 9 office/industrial/flex buildings located in Miami, Florida.

Apex plans to convert the obsolete industrial properties to both single and multi-tenant creative office buildings. The properties within the portfolio total approximately 128,000 square feet and range in size from 6,000 to 19,000 square feet.

EBSC’s financing allowed Apex, which acquired the assets in three separate transactions, to assemble the portfolio under a single ownership structure. A portion of the loan proceeds will be used for tenant improvements and leasing commissions associated with the conversion and stabilization of the assets.   

“The combination of a prime location, coupled with strong sponsorship should enable these assets to perform well within the market once the renovations are complete,” said EBSC's  President Martin Alex. “Our financing will allow Apex to capitalize on the continuing evolution and growth of the Design District.”

EBSC Lending provides custom working capital solutions to commercial businesses across a wide range of industries.