One property, Delray Commons, is an approximately 68,000-sf shopping center built in the mid-1980s. It is located on the southwest corner of Atlantic Avenue and Military Trail here. The unanchored property's major tenant is Gold's Gym. For this property, Bear, Stearns & Co. provided nearly $5.8 million in mortgage financing secured by a first mortgage.

The second property, Pine Island Plaza, is an approximately 33,500-sf shopping center also built in the mid-1980s. Located on the northwest corner of Pine Island Drive and Oakland Park Boulevard, the property's biggest tenant is the Social Security Administration. This time, Bear, Stearns & Co. provided $2.7 million in mortgage financing secured by a first mortgage.

Shannon Rex of Dockerty Romer & Co. arranged the financing. These properties were refinanced as a result of senior mortgages coming due," according to Rex. "The borrower took advantage of the low-interest-rate environment to maximize investment performance. Bear, Stearns and Co. was able to lock rate early on in the process, which was beneficial in a volatile market.