Berkadia Arranges $40.7M Recap of Mixed-Use High-Rise in Downtown Orlando
ORLANDO (June 21, 2023) – Berkadia announces it has secured a $40.7 million loan for the recapitalization of One Eleven, a 30-story high-rise in downtown Orlando featuring a mix of office, retail, and residential space. Senior Managing Director Charles Foschini, Managing Director Chris Apone and Associate Director Shannon Wilson of Berkadia South Florida secured the financing on behalf of the sponsor, Lincoln Orlando Holdings, LLC.
The lender, Morgan Stanley, provided the five-year, full-term interest-only loan.
“With a defining position in downtown Orlando’s skyline, One Eleven offers an exceptional view and experience to tenants and residents alike,” said Foschini. “While the debt markets for assets with a large office component remain challenging, we were able to source a loan for this mixed-use landmark that accomplished the borrower’s needs, with a term interest-only feature that will provide a strong yield to its owners in the years to come.”
Built in 2008, the property located at 111 East Washington Street features a mix of 11,076 square feet of ground floor retail with outdoor patio seating, nine levels of parking, 152,360 square feet of Class A Office space, and 164 luxury apartments. The residential and office portion have separate lobbies to keep each area distinct.
Commercial tenants in the property include Ocean Bank and Daily Bread (ground floor), Innovative Systems Group of FL, McDonald Toole Wiggins PA, National Society of Leadership and Success, Atwell Engineers, Skanska, and Huitt-Zollars, Inc. The residential portion, called “Aspire,” includes a mix of studio, one-, two-, and three-bedroom apartments ranging from 582 square feet to 1,732 square feet. Residential amenities include the highest roof-top pool deck in the city, amenity level with balcony, health club, and fitness center.
Situated in downtown Orlando’s arts and historic district, the property occupies a highly walkable location providing direct access to some of the best dining, recreational and entertainment venues in Orlando. The property is just one block from Lake Eola, the Orlando Public Library, and Orange County Regional History Center, four blocks from Dr. Phillips Center for the Performing Arts and three blocks from the Church Street Sunrail station.
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