MIAMI—The Mercato, a 456,000-square-foot mixed-use development in Naples, FL, has secured a $145 million refinancing. HFF arranged the loan for the borrower, a joint venture between Madison Marquette Retail Enhancement Fund, Barron Collier Companies, and The Lutgert Companies.
HFF managing director Mark Remington, director Chris Drew, and associate director Jordan Lex led the transaction. The deal is a five-year, floating-rate bridge loan through managing director Dan Martin and senior relationship manager Andy McLay at GE Capital Real Estate.
“GE Capital performed flawlessly, generating a huge win for our clients and this trophy asset, providing financing critical to the continuation of the successful business plan at The Mercato,” says Remington. The Mercato is located at 9115 Strada Place along Tamiami Trail (U.S. Highway 41) north of Downtown Naples.
Completed in 2009, the center spans about 320,000 square feet of retail and about 136,000 square feet of office space. The 14-building development is more than 85% leased and includes retail anchors such as Whole Foods, Silverspot Theatre, and Nordstrom Rack.
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