HFF Arranges Financing for Orlando Industrial Center
- Feb 07, 2018
HFF has secured a $11.2 million, three-year, floating-rate acquisition loan for Silver Star Commerce Center, an eight-building light industrial center in Orlando, Fla., on behalf of the borrower, Denholtz Associates. Rialto Capital Management LLC has provided the short-term loan at maximum proceeds. The HFF debt placement team included Managing Director Michael Klein, Director Preston Reid and Senior Managing Director Michael Weinberg.
The loan will be used to buy the asset and make capital renovations, including a new façade, tailboard and dock levelers. Improvements will also include building truck wells and replacing tenant entrance doors.
Situated on 19.5 acres at 3600-3820 Silver Star Road, the property comprises a total of 254,915 square feet, with clear heights ranging from 14 to 20 feet. According to HFF, the property was 95 percent leased to 31 tenants at the time of the deal.
“For our team, acquisitions are always viewed through the lens of maintaining high occupancy through both the short-term and the long-term,” said Stephen Cassidy, president of Denholtz Associates, in a prepared statement. “The financing will enable us to purchase this stable, income-producing asset and position in it a manner that will attract tenant interest well into the future.”
State Route 434, U.S. Highway 411 and Interstate 4 are all easily accessible from the property. The Orlando International Airport is also less than 12 miles away.
In another Orlando deal, HFF arranged $12.9 million in acquisition financing for Cypress Industrial Park, a five-building light industrial portfolio totaling 256,838 square feet in southern Orlando.
Photo via Google Street View