The property is an approximately 45,500-sf unanchored shopping center located at the southeast corner of Northlake Boulevard and Prosperity Farms Road. Among the largest tenants of the shopping center--which was built in the 1960s--are Cardello's Restaurant and $.99 Cent Stuff.
Shannon Rex of Dockerty Romer & Co. arranged the financing for the borrowers, private individuals and affiliates of Florida Executive Realty Management Corp. of West Palm Beach. The financing is secured by a first mortgage through Key Real Estate Capital's life insurance company lending division. "As a result, the borrower was able to obtain a first mortgage with a fixed rate, taking advantage of the low interest rate environment with favorable terms and conditions," Rex says in a statement.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
