PATH TO OWNERSHIP
Deed-in-Lieu ownership option is anticipated to be available prior to
FLIGHT TO QUALITY
The Property has
been totally revamped, benefiting from over $7.0M in capital improvements
since 2020. This focused primarily on exterior improvements, lobby
renovations, bathrooms/amenities, and specialty suites. Hovering close to
40.0% occupancy (as of June 2023), the remaining space is well positioned
for investors to significantly boost cash flow through continued leasing.
CBD office has experienced over 20% rent growth since 2017, while holding
approximately 90% occupancy. With an average suite size of ~10,000 SF, the
Property is well-suited to attract the smaller tenants that comprise the
submarket’s demand pool. Five (5) new leases were executed in H2 2022.
TRUE CBD LIFESTYLE
The Property is
strategically located on the corner of North Orange Avenue and Jefferson
Avenue, nestled in the heart of Orlando’s Central Business District. With a
Walk Score of 94, the access to amenities is unparalleled. The area boasts
50+ walkable restaurants. The regional train and bus terminals are also
located just steps away, offering seamless access to the rest of the city.
At $15,601,767 in
total unpaid principal balance, the Loan basis is at a discount to the
Borrower’s acquisition basis in 2019.