{"id":1004232768,"date":"2018-05-31T07:39:38","date_gmt":"2018-05-31T15:39:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004232768"},"modified":"2022-12-08T19:17:56","modified_gmt":"2022-12-09T03:17:56","slug":"miami-shopping-center-lands-10m-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/miami-shopping-center-lands-10m-refi\/","title":{"rendered":"Miami Shopping Center Lands $10M Refi"},"content":{"rendered":"<p>By IvyLee Rosario<\/p>\n<div id=\"attachment_1004232772\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bird-Square-Plaza-Miami.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004232772\" data-attachment-id=\"1004232772\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/miami-shopping-center-lands-10m-refi\/bird-square-plaza-miami\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bird-Square-Plaza-Miami.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Bird Square Plaza, Miami\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Bird Square Plaza, Miami&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bird-Square-Plaza-Miami.jpg?w=800\" class=\"wp-image-1004232772 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bird-Square-Plaza-Miami.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bird-Square-Plaza-Miami.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bird-Square-Plaza-Miami.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/Bird-Square-Plaza-Miami.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004232772\" class=\"wp-caption-text\">Bird Square Plaza, Miami<\/p><\/div>\n<p>Su Investment Corp. has secured $10 million to refinance Bird Square Plaza, a Fresco y M\u00e1s-anchored shopping center in Miami. CBRE\u2019s Capital Markets Debt &amp; Structured Finance practice arranged the non-recourse, 20-year term loan through a correspondent life insurance company. The loan includes a low interest rate and the ability to advance future funds at various times throughout the loan term.<\/p>\n<p>Located at 14505 SW 42<sup>nd<\/sup> St., the 89,582-square-foot property was built in 1988. It was formerly anchored by Winn Dixie until last year, when it was converted to Fresco y M\u00e1s, a Latin-themed grocer under the same parent company.<\/p>\n<p>The CBRE team included Zac, Jim and Aaron Brumbaugh. The team has financed more than $9 billion of commercial real estate across retail, multifamily, office, hospitality and industrial properties.<\/p>\n<p><em>\u201cThe so-called \u2018grocer wars\u2019 have made even financing of grocery-anchored centers difficult depending on the grocer. In this specific instance, I think that the Fresco y M\u00e1s concept, although under <a href=\"https:\/\/www.commercialsearch.com\/news\/dealing-with-bankruptcy-why-another-retailer-turns-to-chapter-11\/\">Winn Dixie\u2019s low-grade credit<\/a>, does very well in submarkets where there is a high Latin American, Spanish speaking population, like many of the submarkets in Miami,&#8221;<\/em> Zac Brumbaugh, vice president at CBRE, told <em>Commercial Property Executive. &#8220;Additionally, strong growth markets in Florida like Miami, Tampa, and Orlando coupled with retail properties that have consistent track records of occupancy continue to defy any negative trends that we have been seeing with retail financing in our current market environment.\u201d<\/em><\/p>\n<p><em>Image courtesy of CBRE<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBRE arranged the 20-year term loan for Bird Square Plaza, an 89,582-square-foot property anchored by Latin grocer Fresco y M\u00e1s. <\/p>\n","protected":false},"author":746,"featured_media":1004232772,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1492,21742,21749],"tags":[32789,38436],"class_list":["post-1004232768","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-miami","category-latest","category-retail","tag-cbre","tag-zac-brumbaugh"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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She has a background in Journalism and joined the team in 2016. She produces the MHN Daily newsletter, manages byline content, oversees the Research Center for both brands and hosts the Multifamily's Top Marketers podcast. 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