PALM BEACH GARDENS, FL-The 204,911-sf Promenade Gardens East Plaza on Alternate A1A has secured $21.5 million in permanent financing. The owner, Gardens East Plaza Ltd, has owned the property for the past 15 years.
The financing was arranged by Irvine, CA-based Johnson Capital's Florida office. The lender is a life insurance company/CMBS provider. Johnson Capital managing director Greg Schecher tells GlobeSt.com that he is originally arranged financing for the shopping center in 1998, a loan which was about to come due. The $21.5 million will replace the existing loan and pay for some capital improvements to update the center.
"It's an interesting deal because it was completed on terms that we agreed upon prior to the upheaval in the capital markets," Schecher says.
Constructed in 1989, the center is 97% occupied with major tenants including Publix, Jo-Ann Fabric and Crafts, CVS/Eckerd, Crafts & Stuff (Ben Franklin), Blockbuster, Ace Hardware and McDonalds.
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