Barclay’s and Argentic provided a $55 million loan to refinance the 204,337-square-foot Auto Nation building at 200 S.W. First Ave. in Fort Lauderdale. Las Olas Capital Partners co-owns the building with Stiles Corp. The S. Florida Business Journal reports the new loan was $2 million more than was required to pay off the previous loan from PNC Bank. A short-term extension to the original loan was to come due at the end of December.

In the new loan with Barclay’s and Argentic, there’s an interest rate of about 8.11% and it’s interest only instead of amortizing. The building is 98% leased and AutoNation occupies about 75% of the space. The auto retailer has about six years left on its lease and its rent is about 50% below the current market rate.

The deal was brokered by Jay Miller, Spencer Miller, AJ Felberbaum and Noah Rothman of BayBridge Real Estate Capital.

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