The 10-year, 7.2% fixed interest rate loan, amortized over 30 years, was arranged by Don Burnes, senior vice president of Johnson, and Jim Pierson, a principal at the same company.
"The loan was very competitively bid by several potential lenders," Burnes tells Globest.com. "It was a quality shopping center with great sponsorship and well leased."
The loan represents 80% of the Phoenix-based borrower's $34.65 million purchase price for the property and is secured by a first lien on Boulevard Square, located on Pines Boulevard across from the Pembroke Pines Mall.
Sports Authority is the anchor tenant with 37,000 sf. Other main tenants are Ross Dress for Less, TJ Maxx, Office Max and Bally's Total Fitness.
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