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Three Centers Get First Mortgages Totaling $17M

SARASOTA, FL-With a 95% occupancy rate, the Galleria Plaza in Venice, FL receives the largest amount at nearly $11.4 million.

By Melissa Kress | Updated on December 04, 2007

(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.

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