Aztec Arranges Refi for 2 Miami-Area Properties
- Sep 25, 2018
Aztec Group Inc. has secured financing for a Pompano Beach, Fla., shopping center and an office building in Lighthouse Point, Fla., totaling $13.5 million. City National Bank provided the loan to borrower RMS Properties.
Beachway Shopping Center is located at 800 N. Federal Highway, across the street from Pompano Community Park and roughly 38 miles north of downtown Miami. The 53,613-square-foot, West Marine-anchored neighborhood retail center landed $10 million in refinancing. Other tenants include Zona Fresca, Kumon Learning Center and Subway.
Situated at 2850 N. Federal Highway, the four-story office building received a $3.5 million refinancing loan. The 27,034-square-foot property houses Bank of America offices and is slated to undergo a remodeling process, including the addition of high-impact windows, upgraded fiber optics, new elevators and refurbished lobby.
Aztec Senior Managing Director Howard Taft and Executive Vice President Charles Penan worked on behalf of borrower. They secured seven-year, fixed-rate permanent loans with 25-year amortization schedules.
“Borrowers are afraid of the climb in the T-bill/Libor rates and want to lock up long-term permanent debt for their existing properties. It’s time to lock in 10-year fixed rate debt. Most banks, life companies and securitized lenders are eager and hungry to close fixed rate deals before the end of this year,” Taft told Commercial Property Executive.
In June, Aztec also arranged $42 million in financing for the upcoming 208-key Marriott’s Autograph Collection Hotel in West Palm Beach, Fla.
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