Orlando Retail Center Lands $22M in Financing
- Nov 27, 2017
Unicorp National Developments Inc. has closed a $22.1 million permanent loan for Westside Shoppes in Windermere, Fla., which is part of the Orlando metro area. CBRE arranged the non-recourse, low-interest, 10-year term loan, which has a 30-year amortization period. The loan was placed with one of CBRE’s correspondent life company lenders.
The 68,346-square-foot premier retail development center is 100 percent leased to national and local tenants, including AT&T, Tijuana Flats, Keke’s Breakfast, Dunkin’ Donuts, Wendy’s, Panera Bread and Adena Grille. The asset experienced quick lease-up due to the low retail space inventory in the rapidly growing Horizon West market, according to CBRE.
Vice President Zac Brumbaugh of CBRE Capital Markets’ Debt & Structured Finance practice in Orlando arranged the transaction.
“In a time where retail financing is experiencing a generally negative outlook, we could generate a large amount of interest from our exclusive correspondent life companies, even though this center is unanchored, which only made for an even harder task. Notwithstanding that, our presentation of the strong submarket and the qualities of the property allowed for us to obtain a competitive life company loan at unmatched terms,” said Brumbaugh in prepared remarks.
Also in the Orlando area, CBRE recently closed the sale of Oviedo Mall, a 554,973-square foot retail property in Oviedo, Fla.
Image courtesy of Unicorp National Developments Inc.