MIAMI—How hot are Publix-anchored shopping centers in Miami? Hot enough to get strong terms on financing.

Aztec Group's Howard Taft, senior managing director, and Charles Penan, the firm's director, secured $20 million in financing for Crossings Shopping Village in Miami. The shopping center is located at 13047 SW 112th Street in the heart of West Kendall.

An affiliate of Michael D. Friedman owns the 109,000-square-foot retail complex. National retailers Publix Super Market, CVS/Pharmacy and You Fit Fitness Center are anchor tenants.

“Successful retail assets in desirable locations will always qualify for the most favorable financing terms available in the market.” says Taft. “The borrower's excellent track record combined with a strong banking relationship allowed both parties to execute a transaction that was mutually beneficial.”

A Florida-based bank offered the financing. Financial terms of the mortgage include a seven-year term, 3.85% fixed interest rate, one year of interest-only payments, followed by a 29-year amortization schedule and 70% loan to value.

“Crossings Shopping Village is an institutional quality asset located in the dense in-fill trade area of West Kendall,” says Penan. “The terms of this financing transaction speak to the strength of both the ownership and the asset itself.”