MIAMI—In another refi that signals the strength of South Florida retail, Biscayne Harbour Shops has secured an $11 million first mortgage. The funding comes after a major turnaround at the property.

The borrower, Blue Green Capital LLC, is an affiliate of Aventura-based Triarch Investment Group headed by Mario Grosfeld and Jorge Linkewer. Aztec Group senior managing director Howard Taft and director Charles Penan arranged the loan from BankUnited. Terms of the 78-month facility include a 50% loan-to-value ratio, 25-year amortization schedule and a LIBOR-based floating interest rate.

“This is a bridge to permanent loan, as the first 18 months are interest-only, allowing time for tenant spaces to be build-out and for tenants to proceed to take occupancy,” Penan tells GlobeSt.com. “Then, the loan becomes a permanent loan with a 25-year amortization schedule.”