Howard Taft, senior managing director, Aztec Group Inc., Miami. Courtesy photo

The developer of a fully leased Pembroke Pines shopping plaza paid off the construction loan for the property with an $18.5 million refinancing.

The three-building, 37,900-square-foot Pembroke Centre opened in 2017 on 5.6 acres roughly on the southwest corner of Interstate 75 and Pines Boulevard at 306 SW 145th Terrace.

The recent deal came together with help from an Aztec Group Inc. team based in Miami.

Senior managing director Howard Taft, executive vice president Charles Penan and senior associate Joel Zusman closed the transaction on July 26 on behalf of the developer.

The developer, Syracuse, New York-based Hart Lyman Cos. LLC, owns the site through affiliate PP Omni Ventures LLC.

It bought the site in May 2014 for $7.9 million, according to Broward County deed records.

Hart Lyman needed the loan to pay off a previous construction loan it took out to build Pembroke Centre.

Aztec Group declined to give the value of the construction loan. It also declined to say whether the refinancing only covered the construction loan principal or if funds were left over.

The refinancing was done in part to take advantage of a financial climate that promised good terms, Taft said.

The five-year loan is nonrecourse with a fixed interest rate.

Continental Casualty Co., a subsidiary of Chicago-based property and casualty insurance company CNA Financial Corp., issued the financing.

This deal and the full occupancy at Pembroke Centre speak to a strong South Florida retail market, despite e-commerce growth impacting brick-and-mortar stores.

Generally, retailers who stayed afloat offer more than just shopping and dining but an experience or services shoppers can’t find online.

This type of tenant mix is well-reflected at Pembroke Centre as it’s home to service retailers, including Comcast Corp. and AT&T Inc.

There also are restaurants ⁠— TooJay’s deli and bakery, Firebirds Wood Fired Grill steakhouse, Pieology Pizzeria and The Habit Burger Grill.

The anchor tenant, restaurant Twin Peaks, truly is an experience as the franchise offers comfort American food served by scantily clad female servers in a cozy, cabin-like atmosphere, earning the eatery the moniker ‘The Lodge’. (It’s unclear whether the restaurant’s name is a homage to the early 1990s horror-mystery series.)

At Pembroke Centre, Twin Peaks is the only tenant in an 8,600-square-foot building.

The other two buildings have multiple tenants.

Pembroke Centre’s location also helped with its quick leasing and recent loan. It’s in the heart of suburban West Broward County communities, ensuring a steady stream of customers.

“Pembroke Centre’s prime location allows it to service several surrounding affluent communities including Pembroke Pines, Miramar, Weston, Davie and others, which contributed significantly to the favorable financing terms secured,” Taft said.

The plaza also benefits from a critical mass of sorts as it’s just east of a much bigger, booming shopping plaza, The Shops at Pembroke Gardens. This 402,526-square-foot open-air mall with a fountain plaza has a Bath & Body Works; women’s apparel stores, including Victoria’s Secret, Talbots and Lucky Brand Jeans; and restaurants and bars.

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