ORLANDO-New Boston Fund Inc. has acquired a controlling interestin Maitland Green I & II, two adjacent office buildingstotaling 194,700 square feet, by paying off an existing $20-millionloan at a discounted rate.

The Boston-based private equity firm declined to disclosefinancial details of the transaction, but state records show NewBoston paid $10.5 million to Principal Financial Group to take outthe first mortgage on the buildings. The note was held by Stiles, aFort Lauderdale, FL-based commercial real estate firm, whichpurchased the properties in 2006 for more than $30 million as partof a joint venture with Chicago-based Capri Capital Partners.

“We're working with borrowers to come up with a plan toresurrect the value of the asset,” says Pryse Elam, southeastregional director for New Boston Fund. “Lenders are looking forsolutions when buildings need new tenants, and neither the borrowernor the lender wants to fund the leasing costs. To prevent furtherdeterioration of the collateral, the lending community is willingto consider a reasonable plan including discounted notepayoff.”