Friday, October 31, 2014

HFF arranges $10.32 million financing for The Plaza at Hannibal Square in Winter Park, FL

Michael Weinberg
ORLANDO, FL  – HFF announced it has arranged a $10.32 million acquisition financing for The Plaza at Hannibal Square, a 71,330-square-foot, Class A, mixed-use retail, office and multi-housing asset in the affluent Orlando suburb of Winter Park, Florida.

               HFF worked on behalf of the borrower, Owens Realty Capital, to secure the 10-year fixed-rate loan originated by Prudential Mortgage Capital Company. Greg Krafcik, a director in Prudential Mortgage Capital’s Atlanta office, led the origination.  The borrower used the loan to purchase the asset from its equity partner.

               The Plaza at Hannibal Square consists of two buildings situated on 1.22 acres at 362 South Pennsylvania and 444 West New England Avenues, less than a few blocks from the famed Park Avenue in Winter Park and five miles from downtown Orlando.  

The buildings contain 25,210 square feet of retail and 20,242 square feet of office space and 31 multi-housing units, all of which are more than 90 percent leased.    Completed in 2009, the four-story South Pennsylvania building includes a five-story garage. 

Whitaker Leonhardt
The HFF team representing the borrower was led by director Michael Weinberg, associate director Whitaker Leonhardt and real estate analyst Michael Brewster.

”Owens Realty Capital did a masterful job purchasing the asset well below its original development cost and then added a tremendous amount of value through their skilled lease-up and management,” Weinberg said.

 “This generational asset commanded overwhelming attention from debt capital providers. Both the client and the lender executed the purchase and financing flawlessly.”

For a complete copy of the company’s news release, please contact:

Kristen M. Murphy
Associate Director
HFF | One Post Office Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 | Direct: 617-848-1572 | Cell: 617-543-4873 |

No comments: