ORLANDO- The Adler Real Estate Fund I, a closed-end discretionary fund, purchased its first property, the 92,000-square-foot Winter Garden Business Park, an eight-building office park in the Orlando suburb of Winter Garden. The price for the three-year-old property, an REO, was $6.2 million, including closing costs.
The original developer of the Winter Garden Business Park lost it when he was unable to pay on a construction loan, says Matthew L. Adler, chief executive officer of the Adler Fund, which is based in Miami. He declined to give the name of the lender.
While the developer of the Winter Garden property was successful enough to get the occupancy of the park up to 78%, says Adler, by the time the project was finished, times had changed. “The new rents were lower (than those in the pro forma) and the cap rate was higher, so the value of the project was less than the loan amount,” he says.
Recommended For You
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
