|Loan Covers 995,350 Square Feet of Properties in Central Florida
Tampa, FL – April 11, 2013 – CBRE announced the successful refinancing of an $81,000,000 portfolio comprised of 9 retail properties located in central Florida. CBRE’s Capital Markets Debt & Equity Finance group secured the funding for this transaction. The loan was secured by a Correspondent Life Company and carries a fixed rate 20 year loan term with 12 -months of interest only payments based on a 20 year amortized schedule.
“The lender recognized the potential upside and provided the necessary financial support, thus creating additional value for the entire portfolio. The one year of interest only will help to provide additional funds for both leasing commissions and tenant improvements at the subject properties.” said Donald Jennewein, Senior Vice President.
The retail portfolio consists of 9 core shopping centers with a combined net rentable area of 995,350 square feet.
Donald Jennewein along with his partners Michael Strober and Amanda Valenti, all with CBRE’s Debt and Equity Capital Markets Group negotiated the transaction on behalf of the owner.
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