HFF announces $10.6M refinancing of office property in Orlando, Florida

FLORHAM PARK, NJ – 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 Van Reken. 

“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 percent for the first time in over a decade,” added Van Reken.

About Denholtz Associates
Currently celebrating their 65th anniversary, Denholtz Associates is a privately held, fully integrated real estate development, investment and management company.  Denholtz Associates actively targets multi-tenant office and industrial properties in select markets to diversify risk and provide maximum returns for its capital partners.  Utilizing its substantial in-house operational capabilities and extensive knowledge of targeted locations, Denholtz capitalizes on unique opportunities in the marketplace.  Additional information for Denholtz Associates is available online at denholtzassociates.com.

About JCR Capital
JCR Capital is an alternative investment manager and finance company that provides capital solutions to middle market commercial real estate sponsors. Investing on behalf of insurance companies, public pension funds, endowments, foundations, family offices and high-net worth individuals, JCR Capital provides customized senior 1st mortgage debt, JV equity, preferred equity and structured credit solutions to real estate sponsors with a particular focus on value add and opportunistic situations. For more information, visit jcrcapital.com.

About HFF
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry.  HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing.  HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF).  For more information, please visit hfflp.com or follow HFF on Twitter @HFF.

CONTACTS:
MICHAEL KLEIN

HFF Managing Director
(973) 549-2000
mklein@hfflp.com

MICHAEL WEINBERG
HFF Senior Managing Director
(407) 745-3900
mweinberg@hfflp.com

KRISTEN MURPHY
HFF Director, Public Relations
(617) 848-1572
krmurphy@hfflp.com

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