Aztec senior managing Director Howard Taft, executive vice president Charles Penan and senior associate Joel Zusman in Miami.West Kendall Shopping Plaza Gets $17.4 Million Refinancing
A team from real estate capital markets intermediary and merchant bank Aztec Group in Miami negotiated and closed the loan.
February 18, 2020 at 12:36 PM
3 minute read
The owner of a suburban Miami-Dade County shopping plaza obtained a $17.35 million refinance to lock in favorable loan terms, including a decade of interest-only payments.
An affiliate of real estate investor and property manager CF Properties Corp., based in Miami Lakes, took out the refinancing for its Sunset Strip plaza northwest of Sunset Drive and 107th Avenue.
Aztec Group Inc., a real estate capital markets intermediary and merchant bank, negotiated and secured the loan. Aztec senior managing director Howard Taft, executive vice president Charles Penan and senior associate Joel Zusman worked on the transaction that closed Jan. 23.
"Successful retail assets in desirable locations will always qualify for the most favorable financing terms available in the market," Penan said in a news release. "The borrower's excellent track record combined with a strong banking relationship allowed both parties to execute a transaction that was mutually beneficial."
Sunset Strip is an 86,029-square-foot shopping plaza anchored by a Presidente Supermarkets and Dollar Tree. It sits on 3.5 acres at 10855 SW 72nd St.
The plaza is embedded in a densely populated suburb about two miles from the Don Shula Expressway, 2.5 miles from Florida's Turnpike and three miles from the Palmetto Expressway and Snapper Creek Expressway.
Starwood Mortgage Capital in Miami Beach issued the 10-year nonrecourse loan with a 3.57% fixed interest rate. The proceeds in part were used to repay debt and for capital improvements.
The fully leased plaza also is home to Inkaholik Tattoos & Piercings, a coin laundry and several restaurants. Two outparcels recently were built out with a Dunkin' Donuts and La Brasa Rotisserie & Grill.
CF Properties owns the plaza through SPI Sunset LLC after buying it for $14 million in 2013, according to the Miami-Dade property appraiser's office.
The Aztec team credited its ability to negotiate attractive loan terms to the owners and the asset itself.
"Sunset Strip benefits from an outstanding location in one of South Florida's most dense and infill trade areas," Taft said in a news release. "The terms of this financing transaction speak to the strength of both the ownership and the asset itself."
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