News
Retail Refi Rolls On
July 10, 2014
South Florida Class-A retail's recovery is so complete that refinancing is once again the relatively smooth process that it used to be, says Aztec senior managing director Howard Taft (right, with colleague Charles Penan). The two recently secured an $11M first mortgage for the 81k SF Sunset Strip Plaza in Kendall (a seven-year term, 3.8% fixed interest rate, and 70% LTV). It’s the latest example of well-located assets securing sound financing, Howard says, provided the tenant mix is good. Sunset Strip Plaza is anchored by Presidente Supermarket, and Sherwin Williams and Family Dollar are also tenants. He says he expects to execute a lot more deals like this.
