Lincoln Property Lands $41M for Orlando Tower
Morgan Stanley provided the five-year loan.
Lincoln Property Co., has received $40.7 million for One Eleven, a 348,884-square-foot mixed-use property in Orlando, Fla. Morgan Stanley provided the five-year, full-term interest-only loan. Berkadia arranged the deal, working on behalf of the borrower.
In 2013, the property became subject to a $46.9 million CMBS loan originated by Ladder Capital, with Wells Fargo acting as master servicer, according to CommercialEdge information. The note was due to mature in July.
A mixed-use building in Orlando’s CBD
Completed in 2008, the 30-story property encompasses 152,360 square feet of office space, along with 11,076 square feet of ground-floor retail and 164 luxury apartments. The tower’s residential portion, branded as Aspire, is kept distinct from its commercial segment via separate lobbies.
The office component of the LEED Gold-certified building features 21,500-square-foot floorplates. Tenants include Ocean Bank, McDonald Toole Wiggins PA, Atwell Engineers, Skanska and Huitt-Zollars, among others.
Located at 111 E. Washington St. near Interstate 4, the high-rise is within Orlando’s central building district. The property is adjacent to Lake Eola and some 4 miles from Orlando Executive Airport.
The Berkadia South Florida team which secured the financing included Senior Managing Director Charles Foschini and Managing Director Chris Apone, along with Associate Director Shannon Wilson. In prepared remarks, Foschini mentioned the difficulty of sourcing loans for assets that include office components in the current economic landscape.
Recently, Foschini and Apone were involved in arranging a $113 million refinancing for a 220,000-square foot office and retail building in Miami. A10 Capital provided the three-year loan.