MIAMI—Aztec Group has secured acquisition financing for two single-tenant properties in Miami. The merchant banking firm arranged $5.25 million for the buyers of Miller's North Miami Beach Ale House Restaurant and a Walgreens Pharmacy.
Aztec senior managing director, Howard Taft, and director Charles Penan, completed both transactions. The Aztec team exclusively represented an affiliate of Triarch Capital Group, an Aventura, FL-based real estate investment company.
Miller's North Miami Beach Ale House Restaurant is located at 3227 Northeast 163 Street in North Miami Beach, FL. The Walgreens Pharmacy is located at 6200 Northwest 7th Avenue in Miami.
"We evaluated the best financing options available and secured competitive financing terms for these prime located retail properties," says Taft. Funded in separate loan facilities by BankUnited, Miller's North Miami Beach Ale House received $3 million in financing consisting of a five-year term, 36 months of interest only payments, 60% loan-to-cost, 25-year amortization schedule and LIBOR-based floating rate. The double-net leased Walgreens Pharmacy received a $2.25 million loan for a seven-year term, 70% loan-to-cost, 25-year amortization schedule and LIBOR-based floating rate.
"In the case of the Ale House, securing financing for an unrated, single-tenant was challenging in today's financial landscape," says Penan. "However, we obtained very favorable loan terms based on the borrower's strong track record and the property's prime location."
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
