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PALM BEACH GARDENS, FL-Wells Fargo Commercial Mortgage has provided $35 million in permanent financing for two retail properties in Florida. The financing was used to refinance existing debt.

The first transaction involved a $30-million, 10-year loan secured by a 145,536-sf retail center located called PGA Design Center on PGA Boulevard in Palm Beach Gardens. The property consists of three buildings and was constructed in phases, with the last phase completed in 2006, Scott Bois, of Wells Fargo Commercial Mortgage in New York who handled the transactions, tells GlobeSt.com.

Neil Efron, of Fort Lauderdale-based BankAtlantic, served as the mortgage broker for the transaction. Tenants in PGA Design Center include Robb & Stucky, Hendricks Furniture Group and La Z Boy. “We liked this deal because the center is located in a high-end area off Interstate 95,” Bois says. “The tenancy, high-end furniture retailers, fits well with the demographics of the area.”

In the other transaction, Wells Fargo provided $5 million for a 10-year loan secured by a 13,102-sf single-tenant retail facility in Winter Park, a suburb of Orlando. Thomas Byers, of Orlando-based Commercial Mortgage Advisors, was the mortgage broker for the transaction. Bois says the building used to be a theater, but was retrofitted for Pottery Barn, which now occupies the space. “It’s a very nice property,” he says. “It’s in a high-end suburb of Orlando in the Downtown area, which is a walkable area.”

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