ORLANDO, FL– HFF announced today that it has secured $24.425 million in financing for the GAI Building, a 106,506-square-foot, Class A office building in downtown Orlando.
HFF worked on behalf of 618 East South Street, LLC, an affiliate of the Ustler Group of Companies, to secure the 10-year, fixed-rate loan through GE Capital Real Estate.Loan proceeds will replace existing construction debt on the property.
The GAI Building is located at 618 East South Street in Thornton Park at the eastern gateway to downtown Orlando. Built in 2011, the seven-story building is the first privately-developed, LEED-certified office property in downtown Orlando. The building is more than 90 percent leased and is anchored by GAI along with XOS Digital and Regus.
The HFF team representing the borrower was led by associate director Michael Weinberg andreal estate analyst Whitaker Leonhardt in HFF’s Orlando office along with director Elliott Throne from HFF’s Miami office.
“The Ustler team was able to deliver and stabilize another best-in-class asset to downtown Orlando during one of the most difficult economic downturns of our generation. Their hard work translated into tremendous capital markets interest in the asset,” stated Weinberg.
Based in Orlando, the Ustler Group of Companies consists of various commercial real estate development, brokerage, ownership, management and investment entities with a focus on downtown Orlando and urban infill opportunities. For more information, please visit www.ustler.net.
HFF (Holliday Fenoglio Fowler, L.P.) and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 21 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit www.hfflp.comor follow HFF on Twitter at www.twitter.com/hff.