MIAMI—Beyond SoBe and Miami, Kendall is aretail hotspot—and lenders are taking notice.GREC just inked an $11.25 million first mortgagefor Coral Reef Village in Kendall's Country Walk neighborhood.
CBRE's first vice President ChristopherApone collaborated with CBRE's CharlesFoschini and Christian Lee in arrangingthe loan for GREC. Morgan Stanley provided the10-year loan at what CBRE called "competitive rates" for thepurpose of refinancing the previous mortgage on the property.
”This transaction represents the continued interest from conduitlenders to make loans on high-quality, neighborhoodretail assets in South Florida,” says Apone. “Theborrower was able to capitalize on historically low rates and setthe stage for strong cash flow from the property over the nextdecade.”
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