September 30, 2020
Los Angeles-based lender CIM Group has provided a $72.9 million bridge loan for SunTrust Plaza at Church Street Station, a 28-story office and hotel tower in downtown Orlando. The borrower is a joint venture comprised of Mason Capital Partners, Lincoln Property Company, and Pope & Land Company.
Located at 333 S. Garland Ave., the tower opened in early 2020 and is the first office tower to be delivered to downtown Orlando’s urban core in nearly 10 years. The property consists of 200,000 square feet of office space, 180 hotel rooms, 10,000 square feet of meeting space and over 600 parking spaces as well as 7,000 square feet of ground-floor retail. It is currently 84% leased.
Michael Weinber, Rebecca Van Reken and Alec Fox of Berkadia’s Orlando office secured the financing on behalf of the JV. CIM Group provided the five-year, construction take out loan. The financing excluded the 180-room Marriott AC Hotel, which tops the tower and will open later this year.
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