Aztec Group has arranged $9.6 million in refinancing for Campbell Shoppes, a 40,000-square-foot retail center in Homestead, Fla. According to Miami-Dade County records, Amerant Bank, formerly known as Mercantil Bank, provided the seven-year, fixed-rate loan. The mortgage bears a 4.5 percent interest rate with a two-year interest-only period. Aztec Group worked on behalf of General Real Estate Corp.
Located at 1982 NE Eighth St., the property was completed in 1982 on a 3.8-acre site. The owner acquired Campbell Shoppes three years ago and embarked on an extensive $3 million improvement program, which consisted of a new facade, roof, storefronts, lighting and parking lot.
Nearly stabilized asset
Aztec Managing Directors Jason Shapiro and Sean Harrington spearheaded the refinancing. Earlier this month, another Aztec team arranged an $18.7 million acquisition loan for Miramar Financial Center, a Class A office building in Miramar, Fla.
“GREC sought to refinance at this time in order to recoup some of the renovation dollars and to secure a favorable long-term fixed interest rate now that the property is nearly stabilized. We started pursuing this transaction last summer, but volatility with interest rates and spreads in late 2018 made it more practical to wait until the market stabilized. As a result, we were able to achieve an interest rate about 60 basis points lower than in if we had locked in mid-November of last year,” Shapiro said in a prepared statement.
The center is anchored by Nicklaus Children’s Homestead Urgent Care Center and DaVita Keys Gate Dialysis. The tenant mix also includes Liberty Tax Services, State Farm Insurance, a beauty salon, barber shop, dentist, deli and Cuban restaurant.
Image courtesy of Aztec Group