MIAMI—In another refi that signals the strength of South Florida retail, Biscayne Harbour Shops has secured an $11 million first mortgage. The funding comes after a major turnaround at the property.
The borrower, Blue Green Capital LLC, is an affiliate of Aventura-based Triarch Investment Group headed by Mario Grosfeld and Jorge Linkewer. Aztec Group senior managing director Howard Taft and director Charles Penan arranged the loan from BankUnited. Terms of the 78-month facility include a 50% loan-to-value ratio, 25-year amortization schedule and a LIBOR-based floating interest rate.
“This is a bridge to permanent loan, as the first 18 months are interest-only, allowing time for tenant spaces to be build-out and for tenants to proceed to take occupancy,” Penan tells GlobeSt.com. “Then, the loan becomes a permanent loan with a 25-year amortization schedule.”
Biscayne Harbour Shops is a 44,500-square-foot, three-building retail center located on four acres at 181st Street and Biscayne Boulevard in Aventura. Tenants at the shopping center include U.S. Century Bank, Natuzzi Leather, The Vitamin Shoppe, Burger Fi, Sylvan Learning, and Jenny Craig.
In the past six months, occupancy at the center has grown from 40% to 85%, fueled by retailers’ interest in the bustling Aventura market. Ownership invested $2.5 million into the property, which is located at the entrance of the exclusive Williams Island. The asset is currently undergoing a multimillion-dollar capital improvement program that includes upgrades to the fa
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