United Capital Secures $4M Construction Loan for Park Maitland Square Retail Redevelopment in Winter Park

United Capital has closed $4 million in construction financing for Park Maitland Square, a planned 8,071-square-foot neighborhood retail center at 1351 S. Orlando Avenue in Maitland, Florida, within the Winter Park/Maitland retail corridor. United Community Bank provided the loan, with Eric Trombly of Black Bear Capital Partners arranging the transaction.

The project involves the demolition and redevelopment of the former Buca di Beppo restaurant, which closed in June 2024 after nearly 25 years of operation. United Capital announced plans for the redevelopment in October 2025. The financing marks a key milestone as the project moves into the active construction phase.

Leasing Activity and Tenant Mix

Two tenants have already signed leases totaling more than 5,700 square feet at Park Maitland Square. Giovanni's Pizzeria & Kitchen will occupy 4,400 square feet on the left side of the building, while Frenchies Modern Nail Care accounts for the balance of the pre-leased space. United Capital is working to deliver space to Giovanni's by the end of September, pending permitting, with a potential opening as early as Q2 2027.

The center is designed to accommodate between one and four tenants offering a mix of retail, dining, and services. Approximately 2,300 square feet of space remains available for lease following the two signed commitments.

"The strong leasing interest we've experienced since launching the redevelopment underscores both the strength of the location and the demand for high-quality neighborhood retail," said Adam J. Tiktin, CEO of United Capital. "By repositioning the property, we've been able to achieve significantly higher rental rates while attracting a complementary mix of tenants that will serve the surrounding community."

Project Design and Site Features

Plans for Park Maitland Square include outdoor terrace space, monument signage, enhanced landscaping, and 62 dedicated parking spaces. The redevelopment encompasses modernization of building systems, exterior facade enhancements, and broader site improvements. The 8,071-square-foot building sits on a 1.08-acre lot along South Orlando Avenue.

The site benefits from approximately 39,500 vehicles per day on South Orlando Avenue and an average household income exceeding $124,000 within a one-mile radius. The property is surrounded by Whole Foods Market, Winter Park Village, and the Center of Winter Park.

Financing and Project Team

United Community Bank provided the $4 million construction loan. Black Bear Capital Partners, through Eric Trombly, brokered the financing arrangement. Drew Forness and Monte Mitchell of Forness Properties serve as exclusive retail leasing agents for the project. BDM Construction is the general contractor, and Geoff Furey and Nick Sanfilippo of Franklin Street are serving as project managers.

Market Context

The retail vacancy rate in the Winter Park and Maitland submarket stood at 7.9% in Q4 2025, with asking rents ranging from $30.79 to $38.81 per square foot, according to Colliers. The assemblage that includes the former restaurant at 1351 S. Orlando Avenue, along with adjacent office and parking parcels, had been marketed for $7.62 million in 2024. United Capital retains ownership of the property as an owner-operator and has indicated the repositioning has produced rental rates above the prior configuration's levels.

Park Maitland Square is expected to deliver a reconfigured, multi-tenant retail product to a submarket characterized by high traffic counts, above-average household incomes, and proximity to established retail anchors.

Sources: United Capital – Park Maitland Square Financing Announcement