ORLANDO-Boston-based-New Boston Fund Inc., a private equity real estate investment, development and management firm, acquired a controlling interest in the 137,000-square foot Southpoint Executive Center, a Class A office building in the Orlando suburb of Maitland, on May 12th. The former owner of the property, now a minority partner, is the Stiles Corp. of Ft. Lauderdale.
Stiles purchased the Southpoint Executive Center in 2007, but the building, which is 20 years old, lost tenants over the last few years, the most important being Embarq, a telecommunications company, which occupied roughly 60,000 square feet. After the company was acquired by CenturyTel Inc., now CenturyLink, last summer, it left Southpoint.
With the loss of tenants, the lender wouldn’t put new money into the property, says Pryse Elam, southeast regional director for New Boston Fund, which stepped in and paid off the commercial mortgage-backed securities loan on the property. While he declined to say how much his firm paid for the debt, the original loan was $17 million, he says, although New Boston paid a discounted rate.
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