West Palm Beach, Fla. — Tricera Capital has obtained a $50.8 million loan for The Press, a mixed-use project in West Palm Beach. The transaction refinances an existing loan and provides the company with funding to complete its redevelopment of the existing Palm Beach Post campus. Jason Krane and Simon Ziff of Ackman-Ziff Real Estate Group arranged the financing on behalf of Tricera through Monroe Capital LLC. Law firm Polsinelli served as Tricera’s legal representative for the transaction.
Located on more than 11 acres at 2751 S. Dixie Highway, the adaptive reuse project will include a 125,000-square-foot retail component known as the Shops at the Press and an adjacent 140,000-square-foot office building branded as Workspaces at the Press. A 15,000-square-foot Joseph’s Classic Market is set to open in summer 2022 and will anchor the retail component of the project. The developer is also nearing completion on a Starbucks Coffee outparcel at the corner of Belvedere Road and South Dixie Highway, which is scheduled to open in June. Red Door Construction is the general contractor and Everald Colas of St. Storyn Studio is the architect for the project.