Sunday, February 17, 2013

HFF secures $50 million in refinancing for three Central Florida office properties


Michael Weinberg

 ORLANDO, FL –HFF announced it has secured $50 million in refinancing for three office properties totaling more than 780,000 square feet in Central Florida.  These properties include Quorum Center and Oakridge Office Park in Orlando and 850 Trafalgar in Maitland.

HFF worked exclusively on behalf of the borrower, a joint venture between The Praedium Group and Tower Realty Partners, Inc., to secure the loans in two separate transactions. 

Elliott Throne
The10-year, fixed-rate loans for Quorum Center and 850 Trafalgar were placed with UBS Real Estate Finance Group.  The 10-year, fixed-rate loan for Oakridge Office Park was placed with Morgan Stanley.  All three non-recourse, securitized loans were priced in the mid four percent range.

The HFF team representing the borrower was led by Michael Weinberg, a director in HFF’s Orlando office, along with directors Elliott Throne and Chris Drew and senior real estate analyst Jorge Portela from HFF’s Miami office.

Chris Drew
The Praedium Group is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States.

The Praedium Group was formed in 1991 and since inception has completed more than 350 transactions representing $9.1 billion of capital, including 72,000 multifamily units and 42 million square feet of commercial space.

 During the past 21 years, The Praedium Group has sponsored a series of seven private equity funds as well as several separate investment vehicles.

Cliff Stein
The commingled funds and separate accounts sponsored by The Praedium Group have attracted investors that include public and corporate pension funds, financial institutions, insurance companies, foundations and endowments.  For more information, please visit www.praediumgroup.com.

                Tower Realty Partners is an Orlando-based commercial real estate owner focusing on value-added opportunities throughout Florida.  Tower was formed in 1987 by Cliff Stein and Reid Berman

Reid Berman
Since its inception, Tower has acquired more than $1 billion of office properties.  Currently, Tower’s assets consist of more than 3.5 million square feet of office property throughout Florida.  www.towerrealtypartners.com.

Contact:

Kristen M. Murphy
Associate Director
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3500 | cel 617.543.4873 | fax 713.527.8725 | www.hfflp.com

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