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| 111 North Orange, a 245,000-SF, Class A office tower in Orlando, FL |
MIAMI, FL– JLL Capital Markets announced today that it has arranged $45.1 million in financing for 111 North Orange, a 245,000-square-foot, Class A office tower in Orlando, Florida.
JLL worked on behalf of the borrower, a joint venture between Black Salmon Capital and Tower Realty Partners, to secure the loan through City National Bank, Florida’s third-largest bank with more than $15 billion in assets.
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| Maxx Carney |
111 North Orange is prominently located along North Orange Avenue, the primary office corridor in Orlando’s central business district.
The property has a robust amenity package within walking distance including, the Dr. Phillips Performing Arts Center, the Grand Bohemian hotel, Amway Center and numerous dining and retail options.
The 21-story property is 92.7% leased to a diversified rent roll comprising companies in the financial services, construction, legal and insurance industries.
On-site amenities include a full-service Nature’s Table café, fitness center with showers, full-service banking, car wash and detailing service and state-of-the-art shared conference center.
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| Matthew McCormack |
The JLL Capital Markets team representing the borrower was led by Directors Maxx Carney and Matthew McCormack, Associate Michael DiCosimo and Analyst Alec Carreras.
“111 N Orange is a well-positioned asset in the submarket and highly desirable to tenants due to the on-site and immediately surrounding amenities,” McCormack said.
“With a strong operating history and solid tenant roster, 111 is an ideal investment to take advantage of the increasingly strong Orlando CBD office market.”
“Orlando continues to generate significant investor and lender interest due to solid fundamentals in the local economy, being one of the hottest job markets in the country with tremendous population growth,” Carney added. “Office assets in Orlando continue to demand premium financing terms and pricing.”
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| Michael DiCosimo |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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| Alec Carreras |
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
Black Salmon Capital LLC is a global asset manager which provides opportunities for institutions and investors to participate directly in commercial real estate investments in major markets across the United States.
Contact:
Kristen Murphy
JLL Senior Manager, Public Relations
Phone: +1 617 848 1572
Email: Kristen.Murphy@am.jll.com
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