Oak Brook, IL-based Inland has contracted with Boca Raton, FL-based Woolbright Midway LTD to buy the 232,259-sf Midway Plaza Shopping Center in Tamarac, FL for an estimated $17.6 million or $75.77 per sf. Renovations will total $2.47 million

Inland Mortgage Corp. is giving the REIT an $18.6 million bridge loan for the acquisition and renovations at 89% loan to cost and 75% of the property's estimated future stabilized value. Inland wouldn't disclose the interest rate on the 18-month loan with one six-month extension.

The REIT is providing a $2.47 million second mortgage at an undisclosed interest rate to Woolbright for the renovations and tenant improvements. Inland will buy the 17-year-old property when the work is completed later this year.

"Not only were we able to provide first mortgage financing for the borrower, but the buyer was also able to utilize Inland Retail to provide a second mortgage," Art Rendak, senior loan originator, Inland Mortgage Corp., says in a prepared statement. "After financing from the two Inland companies, the borrower's equity was reduced to about 2% of the total costs."

Steve Sanders, senior vice president, Inland Real Estate Acquisitions Inc., says in the same statement, the deal was "a project where multiple Inland-related companies worked together to provide an optimum situation for a developer/borrower." Sanders negotiated the rights to purchase Midway when the renovations are finished.

Occupancy at the closing of the loans was 71% at a center where average asking rents are $15 per sf to $20 per sf. A 56,985-sf Public supermarket is the anchor complemented by national tenants such as Ross Dress for Less, Blockbuster and Boston Market.