The affiliate of Miami-based Courtelis Co. received permission Tuesday from the Broward County Commission to collateralize the long-term lease agreement it maintains on 9.26 acres of county-owned land at North Perry Airport.
Under terms of the agreement, Prudential Mortgage Capital Company is refinancing an existing $7 million mortgage that Great West Life Assurance Co. issued in 1987 for the original construction and operation of the retail center.
Besides refinancing the existing loan, proceeds from the new mortgage will be used for renovation and operation purposes. About $100,000 of the total will be assigned as future reserves for capital improvements. Another $77,000 may be used for either capital improvements or working capital to cover operating costs.
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