Florham Park, N.J. – (June 26, 2018) – Holliday Fenoglio Fowler, L.P. (HFF) announces the $10.6 million refinancing of 100 East Pine Street, an 80,036-square-foot office property in Orlando, Florida.
The HFF team worked on behalf of the borrower, Denholtz Associates, to secure the five-year, fixed-rate loan through JCR Capital.
100 East Pine Street is located at the cross streets of East Pine Street and Magnolia Avenue in downtown Orlando. This location has easy access to Interstate 4 and State Route 408 and offers an abundance of retail, dining and entertainment options within walking distance. The six-story office building was most recently renovated in 2017 and features typical floor plates of 13,500 square feet and 9,776 square feet of ground floor retail. Currently 94% percent leased, tenants at the property include Protean Design Group, Venture X, DLR Group, Inc. and Cite Partners, among others.
The HFF debt placement team representing the borrower included managing director Michael Klein, senior managing director Michael Weinberg and managing director Rebecca VanReken.
“HFF is pleased to have helped Denholtz Associates with 100 E, Pine Street for the second time, having secured acquisition financing for the property in 2015,” said Klein. “The borrower did a great job executing its business plan for the property through an extensive renovation to the building’s lobby and common areas, gut renovating vacant suites and taking occupancy from 48% at acquisition to a 94% leased building today.”
“Denholtz’ successful lease-up of this asset is a prime example of the attractive fundamentals within the downtown Orlando office market – nation-leading job growth has generated increased corporate demand, driving office vacancy rates to below 9% for the first time in over a decade,” added VanReken.