Aztec Group Secures Refi for Miami Retail Asset
Howard Taft, Charles Penan and Joel Zusman negotiated the deal on behalf of the owner.
Aztec Group has secured a $17.4 million refinancing for Sunset Strip, an 86,029-square-foot retail asset in Miami. Senior Managing Director Howard Taft, Executive Vice President Charles Penan and Senior Associate Joel Zusman represented the borrower.
The non-recourse mortgage is set to mature in 10 years and features a 3.57 percent interest rate and 10 years of interest-only payments. Starwood Mortgage Capital provided the loan for an affiliate of CF Properties Corp. The financing will retire old debt and add two out parcels to the site. The asset last changed hands for $14 million, according to public records.
Located at 10855 S.W. 72nd St. on 8.8 acres, the property was built in 1984. The retail center is anchored by Presidente Supermarket and Dollar Tree. The tenant roster also includes U-Haul, a branch of the Miami-Dade Public Library and several restaurants.
Last month, CF Properties sold Holiday Centre, a 67,147-square-foot retail property in Holiday, Fla., for $10 million.
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