CIM Group is lending $ 73 million to refinance a new Trophy Office Tower in Orlando – Commercial Observer
CIM group provided US $ 72.9 million in debt to a joint venture Mason Capital Partners and Lincoln Property Company withdraw previous building debts that were built earlier SunTrust Plaza at Church Street Station, a newly opened Class A office building in downtown Orlando, Florida, according to information from Berkadiawho procured and arranged the debt financing.
The five-year loan has withdrawn debt on the new 28-story, 209,000-square-meter office building (which includes a Marriott-branded hotel at its top), which Berkadia says is 84 percent leased. It’s the largest single home office loan in Orlando this year and the third largest in Florida, according to Berkadia Real Capital Analytics.
This funding did not include that Marriott AC Hotel at the top which isn’t open yet but will offer 180 rooms as soon as it does. It is slated to open later this year via Berkadia.
Berkadia Michael Weinberg, Rebecca Van Reken and Alec Fox arranged the debt on behalf of the joint venture owners from the Orlando office.
“The SunTrust Plaza on Church Street is the pre-eminent asset in downtown Orlando and has an unmatched combination of quality, amenities and proximity to everything that Orlando has to offer [central business district] has to offer, “Weinberg said in a statement. “The property has a superior rental sum and is really the highest quality mixed-use property on the market.”
The tower’s $ 133 million office space opened in early January Orlando Business JournalAccording to Berkadia, the asset is the first office to be delivered in downtown the city in nearly a decade. Lincoln and Mason jointly developed the asset with a company called Pope & Land real estate, as on the Pope & Land website.
In keeping with the name of the property, the anchor tenant will hold 43 percent of his rentable office space by 2030, Truist Financial Corporation, a bank holding company formed following the merger of SunTrust Bank and BB&T Bank in December last year. The building was greeted by both Truist and Orlando HuntonBrady Architects – the architect of the building – as the first two tenants in early January. To date, the asset only has the 12th floor of the office section – just over 29,000 square feet – and a roughly 3,000 square foot sales box available for rent according to Berkadia and the property specifications listed in a Lincoln brochure of the building.
Overall, the property is – at 333 South Garland Avenue – comprises more than 200,000 square meters of office space, 10,000 square meters of conference space, 180 hotel rooms, 7,000 square meters of retail space on the ground floor and nine parking levels with more than 600 parking spaces. Development amenities include an “urban courtyard” and access to Church Street Station, one of 16 stops in the greater Orlando area SunRail Commuter train.
The SunTrust Plaza at Church Street Station is just the first phase of the larger $ 500 million development planned by the joint venture to build a second 34-story tower with a food hall called T2 at Church Street Station erected along Church Street, according to a January report by the Orlando Business Journalciting information from Lincoln Property Company.
In January I was told that Lincoln was to lay the foundation stone on the second tower in early May. Plans for the 400-foot-tall T2 skyscraper include 210,000 square feet of office space, 59,500 square feet of ballroom hospitality space, 2,500 square feet of retail space, 228 hotel rooms and 577 parking spaces.
Officials at Lincoln Property could not be reached immediately. A CIM Group official was unable to comment prior to publication.