MIAMI—Aztec Group has secured acquisition financing for two single-tenant properties in Miami. The merchant banking firm arranged $5.25 million for the buyers of Miller’s North Miami Beach Ale House Restaurant and a Walgreens Pharmacy.
Aztec senior managing director, Howard Taft, and director Charles Penan, completed both transactions. The Aztec team exclusively represented an affiliate of Triarch Capital Group, an Aventura, FL-based real estate investment company.
Miller’s North Miami Beach Ale House Restaurant is located at 3227 Northeast 163 Street in North Miami Beach, FL. The Walgreens Pharmacy is located at 6200 Northwest 7th Avenue in Miami.
“We evaluated the best financing options available and secured competitive financing terms for these prime located retail properties,” says Taft. Funded in separate loan facilities by BankUnited, Miller’s North Miami Beach Ale House received $3 million in financing consisting of a five-year term, 36 months of interest only payments, 60% loan-to-cost, 25-year amortization schedule and LIBOR-based floating rate. The double-net leased Walgreens Pharmacy received a $2.25 million loan for a seven-year term, 70% loan-to-cost, 25-year amortization schedule and LIBOR-based floating rate.
“In the case of the Ale House, securing financing for an unrated, single-tenant was challenging in today’s financial landscape,” says Penan. “However, we obtained very favorable loan terms based on the borrower’s strong track record and the property’s prime location.”