Spanish River Plaza Refinancing Shaves Rate by 3%

BOCA RATON, FL-Spanish River Plaza Ltd. has obtained a $4.5-million loan for a 10-year term and a 25-year amortization at an interest rate of 5.55% for Spanish River Plaza. This refinancing represents a 3% lowering of the rate on a previous loan, according to Marshall G. Smith, EVP in the Miami office of Coral Gables-based Thomas D. Wood and Co.

Smith secured the financing through his company's lender relationship with Des Moines-based Principal Capital Real Estate Investors. In addition to lowering the rate, Smith tells GlobeSt.com, "it allows the borrower to pull out built-up equity in order to purchase more property."

Spanish River Plaza is a 55,000-sf mixed-use property on Spanish River Drive just west of US 1. It was built in 1980 and contains a 50/50 split of office and retail space. Both components are currently 100% occupied.