But that's what Archon did for Riviera Plaza Ltd., owner of Riviera Plaza, built in 1955 along the South Dixie Highway, just west of SW57th Avenue in suburban Coral Gables, FL. The 10-year loan is amortized over 30 years.
"A great deal of credit for the success of this transaction goes to the lender," Howard Taft, senior managing director, Holliday Fenoglio Fowler, Miami, tells GlobeSt.com. "Archon did an outstanding job, closing a 95%-occupied unanchored, two-story retail strip center located in an A-plus area."
Taft brokered the loan through the Texas-based conduit lender. The property has undergone a $3.5 million renovation, adding 11,144 sf of new office and a new exterior façade.
One tenant, Hale Piano Co., has been doing business in Miami for 50 years. The property has a mix of retail/office tenants, including a Subway and Dunkin Donuts outlets.
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