Massey Knakal Capital Services is pleased to announce the closing of a loan for a 15,000 square-foot retail property located on Lincoln Road in Miami Beach. The $21,000,000 non-recourse loan was fixed for ten years at 4.5% at a loan-to-value of 70.0% and funded by Wells Fargo Bank.
“This loan was a cash-out refinance of a mortgage originally held by Anglo Irish Bank,” stated Managing Director Garrett W. Thelander, who came onboard to head Massey Knakal’s Capital Services division early last year after his role at Anglo as Executive Vice President.
“This loan was a cash-out refinance of a $17,000,000 acquisition loan that was maturing this year. The Sponsor, Aurora Capital Associates, had done a great job repositioning the retail by upgrading the tenancy and increasing the rents to market-rate. The high debt-per-square-foot ($1,400) is a testament to the strength of the Lincoln Road retail corridor and the Sponsor’s proven track-record of managing high-end urban retail assets,” said Director Morris Betesh who exclusively handled this transaction. In addition, Betesh states that the Lincoln Road retail corridor has retained its appeal to a variety of retailers and has the tightest occupancy level in the Florida market, with rents having recovered to their pre-recession highs.
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