MIAMI—Six retail properties in Miami's Little Havana and Brickell neighborhoods have gained the confidence of investors as Miami's retail market continues posting growth. HFF arranged a $12.2 million senior refinancing for the 64,939-square-foot portfolio for Barlington Group. UBS Investment Bank provided the 10-year fixed-rate CMBS loan.
“This long-term CMBS loan will help The Barlington Group execute on its vision for Calle Ocho, ensuring that Little Havana's growth of local art and unique restaurants will continue,” Chris Drew, a director at HFF, tells GlobeSt.com. HFF associate director Jose Carrazana and real estate analyst Maxx Carney also worked on the deal.
The Little Havana submarket is located in the heart of Miami between the Brickell Financial District to the east, Coral Gables to the west, and Jackson Health District just north. Little Havana is one of Miami's oldest neighborhoods and a reemerging area in the midst of an urban renaissance here.
Little Havana is also one of South Florida's top cultural tourist attractions, with its rich Hispanic history with Cuban exiles establishing the neighborhood to the influx of Central Americans and South Americans. Now, with new residential developments springing up in the area young professionals and artists are taking note of Little Havana.
“Given the significant concentration of art studios and local restaurants, the portfolio was not a typical deal that a New York-based lender underwrites,” Drew says. “However, HFF was able to get a number of institutional lenders comfortable with the portfolio due to the experienced sponsorship and the strong fundamentals of the Little Havana and Brickell retail and office submarkets.”
The properties in the retail portfolio are 100% occupied. The borrower acquired all six retail assets in the last five years.
The retail properties include: Goodwill Superstore at 982 Southwest 8th Street; Futurama at 1637 Southwest 8th Street; the recently completed 7-11 convenience store at 735 Northwest 12th Avenue; Village Shops of Little Havana at 541 Southwest 12th Avenue; and Pents and Frows at 3670 Grand Avenue next to the historic Ace Theatre occupied by Kroma Gallery.
Brickell Station, which is home to Blackbird Ordinary, Stanzione 87 Pizza, La Moon Restaurant and Toasted Bagelry & Deli, is also included in the collateral. Brickell Station sits at the entrance to Miami's Brickell Financial District at the intersection of Southwest 8th Street and SW 1st Avenue, next to Swire Properties $1.05 billion mixed-use development known as Brickell City Centre.
© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to asset-and-logo-licensing@alm.com. For more inforrmation visit Asset & Logo Licensing.
