Banyan Wins $30M to Acquire Orlando Office Buildings

ORLANDO—Banyan Street and Gap Primera Owner LLC has secured a $30.3 million loan to acquire two class A office buildings in Orlando: Primera 1 and Primera II. NXT Capital of Chicago originated the four-year, interest-only loan at what CBRE calls an “aggressive rate.” CBRE arranged the deal.

“By moving quickly, the borrower was able to acquire the asset at an enviable basis,” says CBRE vice chairman Charles Foschini. “We chose a lender who could deliver in an accelerated fashion. The loan provided for the purchase as well as future leasing dollars. Therefore, Banyan can take full advantage of Orlando’s rapidly recovering office market and reposition the asset for an institutional exit, once stabilized.”