MIAMI—Coral Ridge Mall, a retail center in Fort Lauderdale, FL, has secured a significant loan. Berkadia senior managing director Joseph Schrage of the Miami office secured a $50 million, 10-year, fixed-rate loan.
J.P. Morgan provided the financing. Schrage originated the loan, which includes a 30-year amortization schedule, for property manager Gumberg Asset Management.
“We have worked with this client for 15 years and have secured more than $170 million in financing for them during that time,” says Schrage. “We are pleased they decided to return to us for this transaction and look forward to partnering with them for years to come.”
Located at 3200 North Federal Highway, Coral Ridge Mall is fewer than six miles northwest of Downtown Fort Lauderdale. The retail center offers visitors a variety of shopping and dining options, as well as AMC Dine-In Theatres.
Tenants include Target, Ross Dress for Less, Game Stop, TJ Maxx, HomeGoods, Bath & Bodyworks, Foot Locker, Old Navy, Publix and Jamba Juice. The mall spans 500,000 square feet and sits across 32 acres of land.
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