MIAMI-Aztec Group Inc. reports it has secured $3,905,000 in debt financing on behalf of a Hollywood, FL-based firm to acquire a Kmart store in Lakeland, FL.
The Miami-based real estate investment and merchant bank states that it secured the loan for MG3 Casablanc 1, LLC, an affiliate of MG3, a Hollywood, FL-based real estate investment company. Aztec Group’s Director Charles Penan and Senior Managing Director Howard Taft completed the transaction and worked exclusively for the buyer in the deal. The Kmart store is located at 4717 S. Florida Ave.
“Securing financing for a single-tenant store like Kmart is very challenging in today’s financial landscape,” says Penan. “However, we obtained very favorable loan terms based on the borrower’s strong track record and creditworthiness.”
The financing, provided by Sabadell United Bank, consists of a seven-year term, 55% loan-to-cost with a 15-year amortization schedule and fixed-rate interest rate of 3.60%.