The mortgage takes out the construction loan. Archon didn't disclose the interest rate. But Robert Thaggard, an Archon vice president, says the transaction "was structured as a 10-year, fixed-rate loan with a funded earn-out, which allowed the borrowers exceptional leasing flexibility and the ability to lock in an attractive interest rate."

A non-recourse loan means the borrower isn't personally responsible for the repayment of the loan. Holliday Fenoglio Fowler of Miami arranged the mortgage loan. The center consists of 47% retail, 15% office, a Bass Pro Shop and a 14-screen Rave Motion Pictures multiplex theater.

Destin Commons is Archon's second transaction with Turnberry, which was founded in 1967 by developer Donald Soffer. The company has developed $1.5 billion in commercial and residential property. The firm's portfolio comprises 20 million sf of retail, 1.5 million sf of class A office, 3,000 apartment and condominium units and 1,640 hotel rooms.