JLL arranges financing for Class A tower in Orlando
Prominently located along the central business district’s primary office corridor
MIAMI, January 8, 2020 – JLL Capital Markets announced today that it has arranged $45.1 million in financing for 111 N Orange, a 245,000-square-foot, Class A office tower in Orlando, Florida.
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.
111 N Orange is prominently 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 comprising 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 Directors Maxx Carney and Matthew McCormack, Associate Michael DiCosimo and Analyst 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.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Tower Realty Partners is a privately held commercial real estate investment and management company based in Orlando. Tower currently manages 19 properties in the greater Orlando market and is the current property manager for 111 N Orange.
Headquartered in Miami, City National Bank (CNB) is the financial institution to which Floridians have turned for more than 70 years. With more than $15 billion in assets, CNB is one of the largest financial institutions based in the state. City National Bank is a subsidiary of Chilean bank, Banco de Credito e Inversiones (Bci), and remains a South Florida-based community bank with local decision-making. City National Bank is rated 5 stars "Superior" by BauerFinancial. CNB was voted Best Community Bank, Best Business Bank, Best Bank for Commercial Real Estate, Best Bank for Jumbo Loans, Best Private Bank and Best Foreign National Mortgage Lender by the readers of the Daily Business Review. CNB offers a diversified portfolio of financial products and services from Miami-Dade County to Central Florida.