Jacksonville Retail Center Gets $23M Loan at 7%

ORLANDO-Atlanta developer John Dewberry has quarterbacked a $23 million, 10-year permanent loan for his 43-year-old, 309,729-sf Roosevelt Square Shopping Center in the Ortega area of Jacksonville, FL, 230 miles north of Downtown Orlando.

Dewberry, a former Georgia Tech university quarterback and his brother Douglas founded Dewberry Capital Corp. in 1989. Their $25 million redevelopment of the enclosed property and an adjacent Publix Supermarkets tract began in January 1997.

They converted the properties into a single, open-air center. The anchors at the 96.8%-leased, 40-tenant center are Publix, Belk’s and Stein Mart. The quoted average rent range is $18 per sf to $20 per sf. New space is $20 per sf.