TAMPA, FL—Crossroads Shopping Center, a 341,682-square-foot, power center located in St. Petersburg, FL, has secured a $15M loan. CBRE arranged the loan to refinance a mortgage originally placed in 2004.
Michael Strober along with his partners Donald Jennewein and Amanda Valenti, all with CBRE’s Debt and Equity Capital Markets Group, negotiated the transaction on behalf of the owner. The new loan is structured with today’s low market rate, two years prior to its original maturity.
“Working with one of our correspondent life companies, who is the current mortgagee, made this a seamless process,” says Strober, senior vice president at CBRE. “Given current market conditions, the refinance prior to the original maturity date gave the borrower a much lower interest rate and higher loan proceeds.”
The shopping center is currently 100% occupied by a strong mix of national and local tenants, including Home Depot, Toys”R”Us, TJ Maxx, West Marine, Ross Dress For Less, and Office Depot, with these tenants representing 80% of the net leasable area of the center. CBRE says the center shows strong occupancy due to a tenant mix that is well-suited to the needs of the local community and generates a strong cash flow.