MIAMI-University Center, a 125,941-sf shopping center near Florida International University, has received $25.5 million in financing from Chicago-based Cohen Financial.

Terms of the 10-year acquisition loan include a 30-year amortization schedule, and a 75% loan-to-value ratio. A German real estate investment bank financed the transaction. Managing director Howard Taft and senior analyst Charles Penan, located in Cohen's Miami office, originated the transaction.

Taft tells GlobeSt.com that the shopping center was sold for $34 million two weeks ago to a locally based real estate investor who did not wish to be named. The new financing will be used for the acquisition. In addition to retail properties, the investor owns office, condo conversion and apartment properties. "The best attribute of this property is that it is right across the street from the main entrance to Florida International University," Taft says. "The infill location and high occupancy level made this retail center desirable to the lender."

University Center, a two-story shopping center at the corner of SW 16th Street and SW 107th Avenue, is 100% occupied. Current tenants include Walgreens, Roxy Performing Arts Center and Gold's Gym. Taft says the buyer does not have any immediate plans for the property, other than to keep it as a 100% occupied property.