Miami-Based Banyan Street Acquires 2 Class A Orlando Office Properties

Aug 05, 2013 No Comments by

CBRE’s Debt & Equity Financing Group has secured a $30.3 million loan for Miami-based Banyan Street/Gap Primera Owner LLC, to acquire two Class A office properties in Orlando – Primera I and II. NXT Capital of Chicago, Illinois originated the four-year, interest-only loan at an aggressive rate.

“By moving quickly, the borrower was able to acquire the asset at an enviable basis,” said CBRE Vice Chairman Charles Foschini. “We chose a lender who could deliver in an accelerated fashion. The loan provided for the purchase as well as future leasing dollars. Therefore, Banyan can take full advantage of Orlando’s rapidly recovering office market and reposition the asset for an institutional exit, once stabilized.”

Primera I and II, which total 306,616 square feet, are located 16 miles north of the Orlando Central Business District within the Primera Office Park, a 12-acre community located at the intersection of I-4 and Lake Mary Boulevard, with visibility directly from I-4. Constructed between 1997 and 1998 on a 20.25 acre site, the multi-tenant buildings offer ample parking at almost five per 1,000 square feet, a fitness center with lockers and shower facilities, and 24-hour building access. They are also within walking distance to hotels, retail and restaurant selections. The largest tenants are Blue Cross Blue Shield, Public Risk Underwriters of Florida, Paylocity Corporation and HNTB Corporation. The area surrounding Primera includes high-income housing, as well as numerous restaurants, high-end hotels, shopping malls and retail areas.

CBRE Vice Chairman Charles Foschini, and Vice President Christopher Apone, both with CBRE’s Debt & Equity Financing Group in Miami, along with Christian Lee, Vice Chairman with CBRE’s Capital Markets Institutional Group, arranged the financing.

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Industry News, NA, Office
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