MIAMI—Sunset Strip Plaza is putting a period on a capital markets point: location, tenant mix, and strong ownership are key considerations for lenders bidding on retail loans. The Kendall shopping center just secured an $11.2 million first mortgage from a Florida-based bank.

Aztec Group senior managing director Howard Taft and director Charles Penan, secured the loan on behalf of ownership. Built in 1984, the retail property underwent a renovation in 2006 to improve its curb appeal and tenant mix.

“This is the latest example of high quality assets in desirable markets securing sound financing,” says Taft. Sunset Strip Plaza is an 81,775-square-foot retail center located at 10855 Southwest 72nd Street, Miami's Kendal submarket.

The retail property's prime location on the northwest quadrant of the intersection of Sunset Drive and Southwest 107th Avenue offers retailers visibility and shoppers access to the center. Presidente Supermarket, Sherwin Williams, and Family Dollar anchor the retail asset.

Financial terms of the mortgage include a seven-year term, 3.80% fixed interest rate, 25-year amortization schedule, 70% loan to value, 80% loan to cost and partial recourse.

“The terms of this transaction speak to the strength of both the ownership and the retail asset itself,” says Penan. “The refinancing of Sunset Strip Plaza is another sign that high quality, income-generating properties backed by stable owners in high-density locations like the Kendall submarket are ripe for favorable financing terms in today's market.”