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| Primera Towers I--4, Lake Mary, FL |
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| Ed Coco |
ATLANTA, GA –– Holliday
Fenoglio Fowler, L.P. (HFF) announced it has arranged $84 million in financing
for Primera Towers I–V, a
five-building office park totaling 772,000 square feet in the Orlando-area
community of Lake Mary, Florida.
HFF worked on behalf of a
Parmenter Realty Partners investment fund and an institutional equity partner
to secure the $84 million loan through JPMorgan Chase Bank, N.A. Loan proceeds were used to acquire the
property.
Primera Towers I–V
comprises 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera
Boulevard, which are located immediately off of Interstate 4 in the Lake Mary
submarket of Orlando.
This location has
excellent highway visibility and access to an amenity base featuring several
Fortune 500 Companies, more than 50 restaurants and numerous banks, hotels and
retail.
Additionally, the
exclusive golf course communities of Alaqua Lakes, Magnolia Plantation,
Heathrow and Timacuan are a short distance from the property. The 89-percent-leased office park features
on-site fitness centers and a café with patio seating at the Primera III
building.
The HFF debt placement
team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.
“Primera Towers provides
an excellent core-plus investment opportunity,” said Coco. “The well-occupied office park offers the
ideal combination of cash flow stability and the opportunity to capitalize on
continued strength in the Lake Mary submarket, while the attractive financing
offered by JP Morgan was well-structured and will be instrumental in the
overall success of the venture. We are
honored to be a part of this transaction and look forward to doing more business
with Parmenter in the future.”
“Consolidating the
ownership of the park for first time in its history presents an exciting
opportunity to expand the available services and amenities of the park for our
current and future tenants,” stated John
Davidson, managing principal of Parmenter.
For a
complete copy of the company’s news release, please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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