Orlando High-Rise Receives $46M Refi
A CBRE team arranged the floating rate loan on behalf of a joint venture between Apollo Global Management and Steelbridge Capital. The financing replaces a 2014 mortgage. Commercial Property Executive Oct. 04, 2018 by Timea-Erika Papp CBRE Capital Markets has arranged a $46 million loan to refinance 20 North Orange, a Class A office tower […]
CBRE Capital Markets has arranged a $46 million loan to refinance 20 North Orange, a Class A office tower totaling roughly 279,000 square feet in downtown Orlando. The team arranged the mortgage on behalf of an investment fund managed by Apollo Global Management and Steelbridge Capital.
Walton Street Capital provided the floating rate loan, which replaces a $32.8 mortgage originated by RAIT Financial Trust in 2014, according to Yardi Matrix. Located at 20 N. Orange Ave., in the city’s central business district, the 16-story building recently underwent an extensive renovation program. Amenities include 24-hour security, a new lobby, on-site property management and engineer staff, modernized elevators, full-service banking, café and two attached parking garages connected via covered sky bridges.
The CBRE team of Vice President Amy Julian, Vice Chairman Christian Lee and Senior Vice President José Lobón worked on behalf of the borrower. The property is currently leased to 20 tenants. Recent additions include Radixx Solutions International. The company, represented by Franklin Street, recently relocated its headquarters to 20 North Orange.
“The sponsorship’s strong commitment to the property, highlighted by an extensive renovation over the last three years, has allowed them to solidify a long-term renewal of the property’s anchor tenant and sign over 40,000 square feet of new leases as well. Walton Street’s loan structure will help them complete the execution of their business plan as they further improve the property with a transformational renovation of the ground floor and plaza,” Julian said in prepared remarks.