HFF announces $10.6M refinancing for office property

Holliday Fenoglio Fowler L.P. announced Tuesday the $10.6 million refinancing for an office property in Orlando.

The six-story building is comprised of 80,036 square feet and is located at 100 East Pine St.

HFF’s team of Michael Klein, managing director; Michael Weinberg, senior managing director; and Rebecca Van Reken, managing director; worked on behalf of the borrower, Denholtz Associates, to secure a five-year, fixed-rate loan through JCR Capital.

The building was renovated last year and features 9,776 square feet of ground floor retail space. It is currently 94 percent leased.

“HFF is pleased to have helped Denholtz Associates with 100 East Pine St. for the second time, having secured acquisition financing for the property in 2015,” Klein said.  “The borrower did a great job executing its business plan for the property through an extensive renovation to the building’s lobby and common areas, gut renovating vacant suites and taking occupancy from 48 percent at acquisition to a 94 percent  leased building today.”

“Denholtz’ successful lease-up of this asset is a prime example of the attractive fundamentals within the downtown Orlando office market. Nation-leading job growth has generated increased corporate demand, driving office vacancy rates to below 9 percent for the first time in over a decade,” Van Reken said.