Done Deals: JLL Capital Markets handles $47 million refinancing for the 529,212-square-foot The Crosslands in Kissimmee, FL

Friday, April 12, 2024

JLL Capital Markets handles $47 million refinancing for the 529,212-square-foot The Crosslands in Kissimmee, FL

Val McWilliams.

MIAMI, FL – JLL Capital Markets has arranged the $47.1 million refinancing of The Crosslands, a 529,212-square-foot retail center located in Kissimmee, Florida within the high-growth Orlando Metropolitan Statistical Area (“MSA”).

Jon Mikula

JLL represented the borrower, a joint venture between the Hampshire Companies, Federated Hermes and O’Connor Capital Partners, to secure the three-year, non-recourse loan through TD Bank.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jon Mikula and Michael Klein, Managing Director Brian Gaswirth, and Analysts Michael Kavaler and Val McWilliams.

“Retail fundamentals in Orlando remain among the strongest in the nation, and this transaction highlights that bank liquidity remains readily available for centers with strong surrounding demographics," Gaswirth said.

Michael Klein

"We are grateful for the expertise brought to the table by the sponsors and look forward to the continued partnership and ongoing success of this property.”

Completed between 2014 and 2016, The Crosslands is currently 100% leased to an extensive line-up of national retailers.

The property’s anchors include The Fresh Market, Burlington, Academy Sports, Hobby Lobby, Marshalls/HomeGoods and Ross. The center is ranked in the top 4% of Florida shopping centers by visits, drawing in 4.4 million shoppers annually (Placer.AI).

Located at 1100 W Osceola Pkwy. in Kissimmee, The Crosslands sits at a prime location at the intersection of Osceola Parkway and Orange Blossom Trail (±90,000 VPD), with over 3,000 feet of frontage.

Brian Gaswirth

Osceola Parkway is the primary-east west thoroughfare serving Kissimmee, providing visitors direct access to both Interstate-4 and Florida’s Turnpike. The property is less than 20 miles from Orlando’s Central Business District (“CBD”).

In addition, the center provides convenient connectivity to the rapidly growing communities of St Cloud, Poinciana, Davenport and the over 70 million visitors annually at the nearby theme parks and attractions.

Within a five-mile radius is over 250,000 residents with a $76,000 average household income, and over 4,300 new residential units are planned or under construction within one mile of the property.

Michael Kavaler

"We are grateful for the expertise brought to the table by the sponsors and look forward to the continued partnership and ongoing success of this property.”

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.