CBRE Closes Miami-Area Retail Asset Refi
- Jul 08, 2020
CBRE has arranged the $7 million refinancing of a 78,486-square-foot retail center in Aventura, Fla. Senior Vice President Paul Ahmed and Financial Analyst Mackenzie Fry represented the owner, Triarch Capital Group, and Correspondent Life Insurance Co. provided the 10-year loan.
The property came online in 1994 and later expanded in 2015. The fully occupied center is anchored by Total Wine & More and Stein Mart. Other tenants include Chili’s and Roche Bobois, among others.
Located at 19905-19925 Biscayne Blvd., the property is within 2 miles of Interstate 95 in a dense retail area a quarter mile from Simon’s and Turnberry Associates’ 2.8 million-square-foot Aventura Mall. The asset is also adjacent to Mt. Sinai Medical Center. Downtown Miami is less than 20 miles south.
In May, Ahmed and Fry arranged an refinancing deal for Triarch’s 137,000-square-foot office building half a mile south of the retail property. Nationwide Life Insurance Co. provided the 10-year, $35 million loan.