MIAMI—City National Bank is doing some deals in South Florida's commercial real estate market. Aztec Group secured $14.57 million in acquisition financing for the  216,000-square-foot Adler Aventura Warehouse Portfolio in Miami and the neighborhood retail center Gateway Shoppes in Ft. Lauderdale, FL. 

Aztec senior managing director Howard Taft and director Charles Penan handled the deals. In both transactions, the borrowers were affiliates of Aventura, FL-based Triarch Capital Group.

“The prime locations of these commercial properties, conservative loan requests and borrower's proven track-record enabled Aztec to arrange very favorable financing terms from City National Bank,” says Taft. “These mark the first of many transactions both borrower and lender plan to work on together in the future.”

The Adler Aventura Warehouse Portfolio is a nine-building industrial and flex portfolio that is 97% occupied. Located at 1600 Northeast 205th Terrace in Miami, the industrial portfolio has about 800 feet of frontage on the south side of Ives Dairy Road and another 700 combined feet of frontage along Interstate 95, on the property's east side. Terms of the five-year, $11.57 million loan include a 65% loan-to-value ratio, two years of interest payments, followed by a 23-year amortization schedule, and LIBOR-based floating interest rate. 

The Gateway Shoppes, a 22,000-square-foot neighborhood retail center with a 70% occupancy rate, is located at 1001 North Federal Highway in Broward County.  Terms of the five-year, $2.9 million loan include a 50% loan-to-value ratio, two years of interest payments followed by a 23-year amortization schedule and LIBOR-based floating interest rate.