CBRE ARRANGES $7 MILLION REFINANCING FOR RETAIL CENTER IN AVENTURA, FL
07 Jul 2020
Aventura, Fla. – July 7, 2020 – CBRE announced that it has arranged the $7-million dollar refinance of a 78,486 sq. ft. retail center in Aventura, Florida. Located at 19905 - 19925 Biscayne Blvd, the retail center is anchored by Total Wine & More and Stein Mart. CBRE’s Paul Ahmed and Mackenzie Fry represented ownership in the transaction.
The 10-year $7,000,000 loan was provided by a Correspondent Life Insurance Company at a low loan-to-value.
“The refinance took place entirely during the pandemic, which has presented several challenges for retail. This was a 30-day close due to a loan maturity,” said Paul Ahmed. “However, the property’s premium location and low leverage loan request contributed to a successful closing.”
The property was built in 1994 and expanded in 2015. The center is 100% occupied. Other tenants include Chili's, Roche Bobois, Great Expressions Dental, Raw Juice Aventura.
The retail center is located in the heart of Aventura, directly on Biscayne Boulevard, immediately next door the Aventura Mall and in front of Mt. Sinai Medical Center Aventura.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.