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NGKF Capital Markets announced it has arranged $47 million in mortgage financing for Lincoln Magnolia Holdings, the owner of 111 N. Magnolia, a prominent mixed-use office and apartment tower in downtown Orlando overlooking Lake Eola. The non-recourse fixed loan carries a term of 10 years. The 31-story landmark property, better known as One Eleven, comprises 14 floors of Class A office space, 164 luxury residential units and ground floor retail.
“This transaction demonstrated an increasing strength in the CMBS market and a commitment by ownership to create long-term stability for what is considered the premier mixed-use building in downtown Orlando,” said Michael Lapointe, a chartered financial analyst (CFA) and NGKF Capital Markets executive managing director. “Our group was able to source financing that exceeded initial expectations due to a strong understanding of the asset and NGKF’s capital market relationships.”
The NGKF Capital Markets group led by Mr. Lapointe, Adam Greenberg and Robi Das out of Miami worked with ownership throughout all phases of the transaction.
“NGKF Capital Markets provides tremendous access to lenders and capital providers nationally, integrating with some of the leading local market specialists,” said Mr. Das. “One Eleven is an excellent example of how NGKF continues to execute on premier transactions in Florida.”
Originally developed as the Dynetech Center in 2006, One Eleven was subsequently purchased by Lincoln Magnolia Holdings during its construction period and managed by Lincoln Property Company, which took the property through to full stabilization.
“Lincoln was instrumental in rebranding, marketing and leasing the asset,” Mr. Lapointe stated.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 11,000 professionals, operating from more than 340 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.