{"id":1004266853,"date":"2018-09-25T01:50:41","date_gmt":"2018-09-25T09:50:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004266853"},"modified":"2022-12-08T02:59:55","modified_gmt":"2022-12-08T10:59:55","slug":"aztec-arranges-refi-for-2-miami-area-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/aztec-arranges-refi-for-2-miami-area-properties\/","title":{"rendered":"Aztec Arranges Refi for 2 Miami-Area Properties"},"content":{"rendered":"<p>By Beata Lorincz<\/p>\n<div id=\"attachment_1004266865\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/2850-N.-Federal-Highway-2.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004266865\" data-attachment-id=\"1004266865\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/aztec-arranges-refi-for-2-miami-area-properties\/2850-n-federal-highway-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/2850-N.-Federal-Highway-2-e1537789703620.jpg\" data-orig-size=\"982,737\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Beata Lorincz&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1537790668&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;0&quot;}\" data-image-title=\"2850 N. Federal Highway\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;2850 N. Federal Highway&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/2850-N.-Federal-Highway-2-e1537789703620.jpg?w=982\" class=\"wp-image-1004266865 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/2850-N.-Federal-Highway-2-e1537789703620.jpg\" alt=\"\" width=\"300\" height=\"225\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/2850-N.-Federal-Highway-2-e1537789703620.jpg 982w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/2850-N.-Federal-Highway-2-e1537789703620.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/09\/2850-N.-Federal-Highway-2-e1537789703620.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004266865\" class=\"wp-caption-text\">2850 N. Federal Highway<\/p><\/div>\n<p>Aztec Group Inc. has secured financing for a Pompano Beach, Fla., shopping center and an office building in Lighthouse Point, Fla., totaling $13.5 million. City National Bank provided the loan to borrower RMS Properties.<\/p>\n<p>Beachway Shopping Center is located at 800 N. Federal Highway, across the street from Pompano Community Park and roughly 38 miles north of downtown Miami. The 53,613-square-foot, West Marine-anchored neighborhood retail center landed $10 million in refinancing. Other tenants include Zona Fresca, Kumon Learning Center and Subway.<\/p>\n<p>Situated at 2850 N. Federal Highway, the four-story office building received a $3.5 million refinancing loan. The 27,034-square-foot property houses Bank of America offices and is slated to undergo a remodeling process, including the addition of high-impact windows, upgraded fiber optics, new elevators and refurbished lobby.<\/p>\n<p>Aztec Senior Managing Director Howard Taft and Executive Vice President Charles Penan worked on behalf of borrower. They secured seven-year, fixed-rate permanent loans with 25-year amortization schedules.&nbsp;<\/p>\n<p><em>\u201cBorrowers are afraid of the climb in the T-bill\/Libor rates and want to lock up long-term permanent debt for their existing properties. It\u2019s time to lock in 10-year fixed rate debt. Most banks, life companies and securitized lenders are eager and hungry to close fixed rate deals before the end of this year,\u201d<\/em> Taft told <em>Commercial Property Executive<\/em>.<\/p>\n<p>In June, Aztec also&nbsp;<a href=\"https:\/\/www.commercialsearch.com\/news\/wpb-marriott-receives-42m-construction-loan\/\">arranged $42 million in financing<\/a>&nbsp;for the upcoming 208-key Marriott\u2019s Autograph Collection Hotel in West Palm Beach, Fla.<\/p>\n<p><em>Image via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>City National Bank provided loans totaling $13.5 million for a shopping center and a Bank of America building north of downtown Miami. <\/p>\n","protected":false},"author":739,"featured_media":1004508613,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1492,21742,21747,21749],"tags":[34272,34273,33195,38607],"class_list":["post-1004266853","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-miami","category-latest","category-office","category-retail","tag-aztec-group-inc","tag-charles-penan","tag-city-national-bank","tag-howard-taft"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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