ORLANDO—HFF has secured $50 million in refinancing for three office properties spanning more than 780,000 square feet in Central Florida. The office buildings are:
Quorum Center and Oakridge Office Park in Orlando and 850 Trafalgar in Maitland.
HFF worked exclusively on behalf of the borrower, a joint venture between The Praedium Group and Tower Realty Partners, to secure the loans. There were two separate transactions. HFF placed two 10-year, fixed-rate loans for Quorum Center and 850 Trafalgar with UBS Real Estate Finance Group. The 10-year, fixed-rate loan for Oakridge Office Park was placed with Morgan Stanley. All three non-recourse, securitized loans were priced in the mid four percent range.
“The client was keenly aware that this is one of the most favorable interest rate environments in the history of commercial real estate so they wanted to lock it in long term, thus the 10-year, fixed rate approach,” Michael Weinberg, a director in HFF’s Orlando office, tells GlobeSt.com. Weinberg worked with HFF directors Elliott Throne and Chris Drew and senior real estate analyst Jorge Portela from HFF’s Miami office to get the deal done.
Formed in 1991, Praedium is a privately-held real estate investment firm focusing on under-performing and under-valued assets throughout the United States. The Praedium Group has inked more than 350 transactions representing $9.1 billion of capital, including 72,000 multifamily units and 42 million square feet of commercial space.
Tower is an Orlando-based commercial real estate owner focusing on value-added opportunities in Florida. Tower was formed in 1987 and has acquired more than $1 billion of office properties. Tower’s current assets span more than 3.5 million square feet of office property throughout Florida.