X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

MIAMI-Owners of the 42,341-sf Babies ‘R Us building at 15625 North Kendall Dr. have received $5.375 million in permanent financing for the property.

Constructed in 1996, the single-tenant building is situated on 3.03 acres and stands alone as part of a larger shopping center. The fixed-rate loan, provided by a US-based lender, has a 10-year term. “The new permanent, fixed-rate loan was used to pay off the maturing original loan placed on the property shortly after it was constructed in 1996,” says Jason Shapiro, managing director of locally based Aztec Group. Shapiro represented the borrower.

Shapiro adds that the transaction was challenging because it closed during the turmoil in the national credit markets. “Rapidly changing credit market conditions and tightening liquidity in the CMBS markets caused a great deal of stress throughout the loan closing process,” Shapiro says.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt. NET LEASE Awards 2020Event

These awards honor the industry's most influential and knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.