TAMPA, FL—Safety Harbor, FL-based Olympia Development Group has secured three loans totaling $72 million to refinance a portfolio of 18 properties in Florida and Georgia. Rialto Mortgage Finance, LLC of New York originated the loan.

CBRE's Debt & Equity Financing Group worked on behalf of Olympia. The developer was able to refinance and extend its non-recourse position for all 18 properties through a single transaction for another five years at a high loan-to-value ratio, and a low, fixed-interest rate of 5.02%, primarily interest only.

“The 17 retail properties in this portfolio are located in attractive, in-fill locations and have had their leases recently extended,” says CBRE senior vice president Donald Jennewein. “In addition, the portfolio includes the historic Safety Harbor Resort and Spa, which enjoys a tremendous location fronting on historic Tampa Bay and has recently been upgraded with numerous capital improvements.”