Tuesday, May 24, 2022

Pair of Orlando, FL office properties receive $33 million financing

 

Jen Pollock

ORLANDO, FL JLL Capital Markets has arranged $32.7 million in financing for two Downtown Orlando office properties: the GAI Building, a trophy office property totaling 106,966 square feet and 100 E. Pine St., an 80,010-square-foot office building.

GAI Building, 106,966 SF, Downtown Orlando, FL

JLL worked on behalf of the borrower, Denholtz Properties, to secure the five-year financing through Ameris Bank.

 Loan proceeds were used to acquire the GAI Building and recapitalize 100 E. Pine St. JLL was also involved in the sale of the GAI Building to Denholtz.

 100 East Pine Street Office Building,
80,010 SF, Downtown Orlando, FL

Completed in 2011, the GAI Building is one of Orlando’s newest office properties and was downtown’s first privately developed LEED-certified office building.

The GAI Building is fully leased to six tenants, including GAI Consultants who operates its southeastern headquarters at the property.

 Michael Klein
 The property is located at 618 East South St., adjacent to and visible from SR 408 East-West Expressway, one of Orlando’s primary roadways.

100 E. Pine St. is a six-story property that was extensively renovated in 2018/2019. 

The 90-percent-leased asset has a diverse tenant roster and offers tenants a recently renovated lobby and ground floor retail space. 

100 E. Pine St. is located at the intersection of East Pine St. and South Magnolia Ave. convenient to major transportation nodes, including Interstate 4 and SR 408.

 Both properties benefit from the growing Downtown Orlando office market, which has seen rents and demand steadily increase. 

Jon Mikula
In addition, Downtown Orlando has evolved into a true live-work-play environment with a population increase of more than 70% since 2000.

 JLL’s Debt Advisory team representing the borrower was led by Senior Managing Directors Michael Klein and Jon Mikula, Senior Director Maxx Carney and Associate Ryan Carroll.

 The Ameris Bank team was led by Senior Vice President Jen Pollock, CCIM.

 “The competitiveness of this financing process was emblematic of lenders continued demand to finance well-located, high-quality office assets for experienced, hands-on operators like Denholtz Properties,” stated Carney. 

 Maxx Carney
“The leasing velocity at the properties showcased continued tenant demand to occupy this same profile of product throughout the state of Florida.”

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 sales and advisory, debt advisory, equity advisory or a recapitalization. 

Ryan Carroll
The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

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Contact:


Kristen Murphy

Director, Public Relations, Americas

JLL

One Post Office Square, Suite 3500

Boston, MA 02109

T +1 617 848 1572

M +1 617 543 4873

Kristen.Murphy@am.jll.com

 jll.com

 denholtz.com.

 

 

 

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