Orlando Tower Secures $45M From City National Bank

ORLANDO, FL—JLL Capital Markets has arranged $45.1 million in financing for 111 N Orange, a 245,000-square-foot office tower here.

JLL worked on behalf of the borrower, a joint venture between Black Salmon Capital and Tower Realty Partners, to secure the loan through City National Bank, Florida’s third-largest bank with more than $15 billion in assets.

Last month Black Salmon acquired 111 North Orange for $67.75 million in its first acquisition in Florida.

JLL Capital Markets Director Maxx Carney tells GlobeSt.com that the tower was built in 1986 and renovated in 2002.

“The continued growth of the University of Central Florida and its influence on employment both in the suburbs and the CBD will continue to drive population and employment growth in the region,” Carney says. “Employment diversification has helped the broader Orlando real estate market mature nicely over the past 120 months which has only been complemented by the SALT effect. As the market continues to build out economically and physically, I expect to see continued significant, sustainable growth in the Orlando suburbs, and CBD.

111 N Orange is located along North Orange Avenue, the primary office corridor in Orlando’s central business district. The property has a robust amenity package within walking distance including, the Dr. Phillips Performing Arts Center, the Grand Bohemian hotel, Amway Center and numerous dining and retail options.

The 21-story property is 92.7% leased to a diversified rent roll of companies in the financial services, construction, legal and insurance industries. On-site amenities include a full-service Nature’s Table café, fitness center with showers, full-service banking, car wash and detailing service and state-of-the-art shared conference center.

The JLL Capital Markets team representing the borrower was led by Maxx Carney, Matthew McCormack, Michael DiCosimo and Alec Carreras.

“111 N Orange is a well-positioned asset in the submarket and highly desirable to tenants due to the on-site and immediately surrounding amenities,” McCormack said. “With a strong operating history and solid tenant roster, 111 is an ideal investment to take advantage of the increasingly strong Orlando CBD office market.”

“Orlando continues to generate significant investor and lender interest due to solid fundamentals in the local economy, being one of the hottest job markets in the country with tremendous population growth,” Carney added. “Office assets in Orlando continue to demand premium financing terms and pricing.”