Oak Brook, IL-based Inland has contracted with Boca Raton, FL-based Woolbright Midway LTD to buy the 232,259-sf Midway Plaza Shopping Center in Tamarac, FL for an estimated $17.6 million or $75.77 per sf. Renovations will total $2.47 million
Inland Mortgage Corp. is giving the REIT an $18.6 million bridge loan for the acquisition and renovations at 89% loan to cost and 75% of the property's estimated future stabilized value. Inland wouldn't disclose the interest rate on the 18-month loan with one six-month extension.
The REIT is providing a $2.47 million second mortgage at an undisclosed interest rate to Woolbright for the renovations and tenant improvements. Inland will buy the 17-year-old property when the work is completed later this year.
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