MIAMI—Investors are looking to get a piece of South Florida's hot retail market. Merchant bankers like Aztec Group are getting the deals done.
Aztec's senior managing director Howard Taft and director Charles Penan just secured a $3.65 million in financing for Timberlake Plaza for the borrower, an affiliate of Aventura, FL-based Biscayne 135 Ltd. Timberlake is a shopping center in Cooper City, FL.
“This is the latest example of a quality retail asset securing favorable financing terms in the South Florida market,” says Taft. “Timberlake Plaza's location in a densely populated neighborhood and stable tenant roster were key to executing the loan.”
The 38,626-square-foot Timberlake Plaza is a neighborhood retail center located at 8600 Griffin Road. Havana's Cuban Cuisine, Wings 'N Things, Toss Up Salads, as well as Cora Health Services, ASM Music Schools, and Mind Body Trendz, are among the tenants.
“The property's prime location, conservative loan request and the borrower's proven track record enabled Aztec to arrange very favorable financing terms with the banking institution on behalf of our client,” says Penan. BankUnited provided the financing. Terms of the five-year loan include a 50% loan-to-value, 25-year amortization schedule, and LIBOR-based floating interest rate.
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