MIAMI—Grocery retail is still hot—and not just for sales but also for refis. A Coral Gables Winn-Dixie property just won a $7.02 million permanent loan.
Aztec Group’s managing directors, Jason Shapiro and Jim Fried, represented the borrower in the loan financing. The single-tenant space, operating as a Winn-Dixie grocery store since 1996, was refinanced through a local bank with a new 10-year, non-recourse loan.
“Single-tenant properties are often lower in preference for lenders, coupled with the fact that some lenders already had exposure with Winn-Dixie loans in their portfolios,” Shapiro tells GlobeSt.com. “But the property’s excellent location, within that striking distance to Coral Gables and the Central Business District, and the investment Winn-Dixie has made to renovate the store was also an incentive to obtain favorable financing terms.”
The Winn-Dixie store was the first to adopt a new look and concept for the Winn-Dixie brand in Miami-Dade, with $6 million invested to remodel the supermarket. The makeover included upgrading the property’s exterior fa
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