(Read more on the debt and equity markets.)
SARASOTA, FL-Largo Capital, Inc. has arranged first mortgage financing for three retail centers in the South: two in Florida and one in Alabama. In all, the financings total $16.7 million.
Galleria Plaza, located in Venice, FL, received the largest amount at nearly $11.4 million. The 92,719-sf property is 95% occupied with tenants including Galleria Cinemas, Galleria Hall and Pro Golf of Florida, a Largo spokeswoman tells GlobeSt.com. Kevin Heiss, account executive for Largo, arranged the financing, which was structured on a 10-year, fixed-rate loan and a 25-year amortization schedule.
Bradenton Commons, located in Bradenton, received a little more than $3 million. The 23,714-sf retail asset is 100% occupied, according to the spokeswoman, and its tenant roster includes CVS, FanAttics, and Enhancers Salon & Spa. Heiss also arranged this financing, which was structured on a five-year, fixed-rate loan with a 30-year amortization schedule.
The third retail asset in the South is the Shoppes at Rangeline in Tillman's Corner, AL. The 12,970-sf property received a nearly $2.3-million loan. The Shoppes at Rangeline is 100% occupied with tenants including Radio Shack, Beef O'Brady's and Bell South Mobile, the spokeswoman tells GlobeSt.com. Heiss arranged the financing, which was structured on a 10-year, fixed-rate loan and a 30-year amortization schedule.
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