MIAMI—A Walgreens Pharmacy in a Tampa suburb has secured $3 million in debt financing. Bank United funded the deal, which offered a fixed rate and line of credit facility.
Aztec Group secured the financing for the Walgreens, which located at 4096 Mariner Blvd. in Spring Hill, FL. Howard Taft, senior managing director and Charles Penan, director at Aztec Group, led the transaction.
The loan structure included a fixed rate and line of credit facility. Terms of the 10-year, non-recourse facility includes a 50% loan-to-value, 25-year amortization schedule, and floating interest rate.
“The borrower requested a 50% loan-to-value and non-recourse is common at that loan to value ratio,” Penan tells GlobeSt.com. “In today’s financial landscape it is more challenging to find lenders able to finance single-tenant, non-recourse transactions, but the client’s track record and strong credit were key to obtaining favorable terms.”
Penan says the overall market is challenging right now and most life companies are full. Still, Penan cites the retail property’s prime location next to the Publix-anchored Mariner Commons Shopping Center, Walgreens credit worthiness and conservative loan request, as facilitators of the deal.
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