But he was in a dilemma: Winn-Dixie Supermarkets had vacated its anchor position at University Square and there was a short remaining lease for anchors Winn-Dixie and Eckerd Drugs at the Curry Ford East location.
Orlando mortgage bankers Mark Findura and Chris Larkin of R.J. Twitty & Co. II Inc. eased Collard's fears by finding his MCP Retail LLC firm a $5.5 million loan from Intervest Bank, a subsidiary of New York-based Intervest Bancshares Corp.
The 7% fixed-rate loan will be amortized over 25 years and represents 85% of the purchase price. Collard is renovating both properties.
"It was a challenging financing assignment but the borrower had a good business plan," Larkin tells GlobeSt.com. "The loan was closed in roughly 35 days from application to closing."
The recorded sellers were University Square Associates and Curry Ford Associates. "The seller side was very complex," Findura tells GlobeSt.com.
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