MIAMI—Boynton West Shopping Center, a 195,000-square-foot retail center, has secured a $9 million refi. Boynton West is a Kimco Income REIT shopping center.
HFF represented the borrower, KIR Boynton L.P., to secure the 10-year, fixed-rate securitized loan through Wells Fargo Real Estate Capital Markets. HFF director Elliot Throne led the efforts for the Kimco Realty affiliate.
“Kimco was able to take advantage of the return of the CMBS market to attain long term financing at a very attractive rate,” Throne said in a statement. “The strength of KIR’s sponsorship enabled them to achieve aggressive terms from several lenders with Wells Fargo eventually offering the most compelling deal.”
Boynton West Shopping Center is located at 9903 South Military Trail at the intersection of West Boynton Beach Boulevard. The property is currently 97% occupied and is anchored by Bealls and Burlington Coat Factory.
Kimco reported first quarter results earlier this month. The REIT reported strong operating metrics lead by increases in the spread for new leases and renewals of 39.8% and 4.2%, respectively.
Kimco hopes to keep growing those numbers, in part, via an expanded retail joint venture with Anthem Properties. Kimco and Anthem just added to Millwoods Mainstreet shopping center in Edmonton, the capital city of Alberta, to its existing Canadian joint venture. The JV acquired the grocery-anchored center for $42.2 million.
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