$73M Loan Secured for Orlando’s SunTrust Plaza

ORLANDO, FL – Berkadia has secured a $72.9 million construction take-out loan for the new 209,000-square-foot office and hotel tower, SunTrust Plaza at Church Street Station in downtown Orlando, on behalf of the owner, Mason Capital Partners, Lincoln Property Co. and Pope & Land Co.

Los Angeles-based lender, CIM Group provided the five-year, mortgage loan to the joint-venture partnership.

The financing secures 18-stories of class A office space within the 28-story tower, and excludes the 180-room, Marriot AC Hotel, which tops the tower and will open later in 2020.

Located at 333 S. Garland Ave., SunTrust Plaza at Church Street Station opened in early 2020 as the first office tower to be developed in downtown Orlando in nearly a decade. The Energy Star-certified property boasts Orlando’s largest high-rise floor plates of more than 29,000 square feet.

The property features 200,000 square feet of office space, 180 hotel rooms, 10,000 square feet of meeting space, nine parking levels with more than 500 parking spaces and 7,000 square feet of ground-floor retail. The site additionally features an urban courtyard and access to the Church Street SunRail Station.

The tower is currently 84% leased, with one full-floor suite available for lease. Truist Financial Corp., formerly SunTrust Bank, serves as the property’s anchor tenant; occupying 43% of the tower through 2030.

Berkadia managing director, Michael Weinberg, managing director, Rebecca Van Reken and associate director, Alec Fox arranged the loan on behalf of the owner.

“SunTrust Plaza at Church Street is the preeminent asset in downtown Orlando and possesses an unmatched combination of quality, amenities and proximity to all of what the Orlando CBD has to offer,” states Weinberg. “The property maintains a superior rent roll and is truly the highest quality mixed-use asset in the market.”

NAIOP’s Central Florida chapter named the property as 2019’s office development of the year.