R.J. Twitty Closes Four Loan Deals for $41M

The interest rates were over the 7% mark because the deals had been in the works for several months prior to the existing mid-6%-level rates.

"We have been extremely busy" in Tampa and Orlando where Twitty has had a satellite office for the past four years, Twitty associate Chris Larkin tells GlobeSt.com. He says current rates are "still about 6%--incredible."

Mark L. Findura, president of Twitty's Orlando operations, tells GlobeSt.com Jacksonville, FL is "a hot market for investors who want to buy and redevelop existing shopping centers."

The largest loan in the four-package transactions is for $20.5 million to Fourteen-Ten Partnership and Edgewood General Partnership of Los Angeles. The group owns the 21-year-old, 301,000-sf, 86.4% leased Towers of Westshore multi-tenant office building at 1408 N. Westshore Blvd., Tampa.

The loan has a 7.21% interest rate; a loan-to-value ratio of 67.2%; and is amortized over 25 years.

Sarasota Crossings Shopping Center, owned by Sarasota Crossings Ltd. of Miami, has a $9.75 loan at 7.3% interest; a loan-to-value ratio of 71.7%; and is amortized over 20 years. The 12-year-old, 181,322-sf, 94.5%-leased property on Fruitland Road is anchored by a Publix Supermarket.

In Jacksonville, the four-building, 246,720-sf Lane Avenue and Westgate Distribution Centers on the city's westside industrial sector are taking a $5.5 million loan at 7.4% interest with a loan-to-value ratio of 71.8%;and a 25-year amortization schedule.

The 96.8%-leased property, built and expanded in 1970 and 1973, is owned by Florida Warehouse Ltd. of Cleveland, OH.

The 17-year-old, 150,470-sf DeSoto Junction Shopping Center on 1st Street East in Bradenton, FL, has a $5.25 million loan at 7.49% interest; a loan-to-value ratio of 65.2% with a 20-year amortization schedule.

The 94.9%-leased property, owned by DeSoto Properties LLC of Hallandale, FL, is anchored by a Marshall's and a Michael's stores.