Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $84 million in financing for Primera Towers I–V, a five-building office park totaling 772,000 square feet in the Orlando-area community of Lake Mary, Florida.
HFF worked on behalf of a Parmenter Realty Partners investment fund and an institutional equity partner to secure the $84 million loan through JPMorgan Chase Bank, N.A. Loan proceeds were used to acquire the property.
Primera Towers I–V comprises 605, 610 and 615 Crescent Executive Court and 255 and 300 Primera Boulevard, which are located immediately off of Interstate 4 in the Lake Mary submarket of Orlando. This location has excellent highway visibility and access to an amenity base featuring several Fortune 500 Companies, more than 50 restaurants and numerous banks, hotels and retail. Additionally, the exclusive golf course communities of Alaqua Lakes, Magnolia Plantation, Heathrow and Timacuan are a short distance from the property. The 89-percent-leased office park features on-site fitness centers and a café with patio seating at the Primera III building.
The HFF debt placement team representing the borrower was led by senior managing director Ed Coco and senior real estate analyst Matt Casey.
“Primera Towers provides an excellent core-plus investment opportunity,” said Coco. “The well-occupied office park offers the ideal combination of cash flow stability and the opportunity to capitalize on continued strength in the Lake Mary submarket, while the attractive financing offered by JP Morgan was well-structured and will be instrumental in the overall success of the venture. We are honored to be a part of this transaction and look forward to doing more business with Parmenter in the future.”
“Consolidating the ownership of the park for first time in its history presents an exciting opportunity to expand the available services and amenities of the park for our current and future tenants,” stated John Davidson, managing principal of Parmenter.
About Parmenter
Parmenter is a fully integrated real estate investment, management and development firm, headquartered in Miami, Florida, with regional offices in Dallas and Atlanta. The company owns and operates high-quality office properties, and is actively involved in the expansion of its portfolio throughout its targeted markets.
About HFF
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 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 hfflp.com or follow HFF on Twitter @HFF.
