Berkadia Secures $72.9 Million Construction Take-Out Loan for Trophy Office Tower in Orlando

September 29, 2020

Berkadia Secures $72.9 Million Construction Take-Out Loan for Trophy Office Tower in Orlando

September 29, 2020

The SunTrust Plaza at Church Street Station loan is the largest office loan on a single asset YTD in Orlando and the third largest in the State of Florida

ORLANDO (September 29, 2020) – Berkadia announces it has procured a construction take-out loan for SunTrust Plaza at Church Street Station, a brand new, 28-story 209,000-square-foot office and hotel tower located in downtown Orlando. Managing Directors Michael Weinberg and Rebecca Van Reken and Associate Director Alec Fox of Berkadia’s Orlando office arranged the $72.93 million loan on behalf of the owner, Mason Capital Partners and Lincoln Property Company.

According to Real Capital Analytics, this is the largest office loan on a single asset in Orlando and the third-largest in the State of Florida year to date.

SunTrust Plaza at Church Street Station, which opened in early 2020, is the first office tower to be delivered to downtown Orlando’s urban core in nearly a decade. The Energy Star-certified property was named the NAIOP “Office Development of the Year” for 2019 (Central Florida Chapter). The property has the largest high-rise floor plates in Orlando’s CBD at ±29,000 square feet, and anchor tenant Truist Financial Corp. (formerly SunTrust Bank) occupies 43 percent of the property through 2030.

The iconic property is 84 percent leased, with one full-floor suite still available for lease. Los Angeles-based lender CIM Group provided a five-year, construction take out loan. The financing excluded the soon-to-open 180-room Marriott AC Hotel, which tops the tower, and will open later in 2020.

“SunTrust Plaza at Church Street is the preeminent asset in downtown Orlando and possesses an unmatched combination of quality, amenities, and proximity to all of what the Orlando CBD has to offer,” said Weinberg. “The property maintains a superior rent roll and is truly the highest quality mixed-use asset in the market.”

Lincoln Property Company is one of the largest, most respected, diversified real estate services firms in the U.S., employing more than 4,000 professionals and support staff with an established presence in over 100 markets, in 32 states and in Europe. Lincoln’s portfolio of commercial real estate managed exceeds 100 million square feet and has an estimated value over $12 billion. In 2008, Commercial Property News ranked Lincoln as the nation’s largest real estate developer and 5th largest property manager in the United States. Lincoln is the only real estate company in the U.S. to be ranked as a Top 25 Owner for Office, Industrial and Multi-Family real estate.

Mason Capital Partners (“MCP”) is a privately held, real estate investment vehicle whereby like minded family offices and accredited investors can invest alongside leading real estate developers and owner operators, achieve a diversified portfolio, and benefit from having access to a highly selective, prescreened and fully underwritten pipeline of investment opportunities.

Located at 333 S Garland Avenue, SunTrust Plaza at Church Street features 200,000 square feet of office space, 180 hotel rooms, 10,000 square feet of meeting space, 9 parking levels with 600+ parking spaces, and 7,000 square feet of ground-floor retail. It also has an urban courtyard and integrated access to the Church Street SunRail Station. The property features an elegant façade of reflective glass and polished steel, showcasing its geometric, modern architecture.

SunTrust Plaza is located in the center of Downtown Orlando—easily accessible via I-4, SR 408 and many surface streets. Tenants and visitors will enjoy unique pedestrian access to a surrounding amenity base of restaurants and entertainment venues, including the Doctor Phillips Center for Performing Arts and the Amway Center as well as other office buildings, hotels, a variety of retail offerings and many downtown living options. In addition, the Creative Village and Bob Carr Theater are only a short Lymmo (free downtown bus service) ride away. The Orlando City Hall, Regional History Center, and Public Library are also within easy walking distance.

This transaction represents the second Orlando CBD office building for which Berkadia has secured financing since the outbreak of the pandemic. In May, Weinberg, Van Reken and Fox sourced bank financing for Fulcrum, located at 150 N. Orange, which is currently undergoing a transformative renovation.

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