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Boca Retail Owner Gets $4M Refinancing Loan

BOCA RATON, FL-The funding is for 38,511 sf of retail space Palmetto Park Road Associates owns at the West Boca Square shopping center here. JP Morgan Chase Bank provided the 10-year loan.

By Melissa Bogdany | Updated on June 22, 2004

BOCA RATON, FL-Palmetto Park Road Associates Ltd. has obtained a nearly $4.3-million loan to refinance 38,511 sf of retail space it owns at the West Boca Square shopping center here. The lender was JPMorgan Chase Bank, which provided a 10-year loan. Southern Management and Development LP completed the refinancing for Palmetto Park Road Associates.The retail space is located at the northwest corner of State Road 7 and Palmetto Park Road. Target, Bealls, Babies ‘R’ Us and Chuck E. Cheese anchor the 315,060-sf center. The shopping center is 99% leased, according to Steven Levin, president of Southern Management and Development.Southern Management and Development, based in Boca Raton, owns and manages retail centers, apartments and warehouses, and develops retail tenant sites. The company owns and manages shopping centers with more than 4.5 million sf in three states, including Florida.

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