The local office of Atlanta-based Primary Capital Advisors provided the loan for developers Phil Rampy and Craig Ustler through an unnamed national conduit lender that works with Primary on regular transactions, Primary Capital office director Todd F. Cohen tells GlobeSt.com.
"The refinancing package that was structured has a blended starting interest rate of around 5% which will provide for substantial cash flow to the owners, as the property is very well leased" at 97% occupancy. The property includes 40,000 sf of class A office space, a 20,000-sf retail condominium, a 360-space parking garage and 56 loft condominiums.
"The loft condos sold quickly and represent the leading edge of successful new condominiums and mixed-use developments in Downtown Orlando," says Cohen. The loan term is for five to 10 years. The deal took 60 days to complete from application to closing.
CondoHQ, an affiliate of Olde Town Brokers, is Thornton Park Central's sales and marketing company. Rampy and Ustler have self-developed various Central Florida condominium projects with a total value of over $50 million.
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