|Tampa, FL – December 16, 2013 – CBRE’s Debt & Equity Financing Group worked on behalf of Olympia Development Group of Safety Harbor, Florida, to secure three loans totaling $72 million to refinance a portfolio of 18 properties in Florida and Georgia. Rialto Mortgage Finance, LLC of New York originated the loan.
Olympia was able to refinance and extend their non-recourse position for all 18 properties through a single transaction for another five years at a high loan-to-value ratio, and a low, fixed-interest rate of 5.02% (primarily interest only). One loan for $35,130,000 is interest-only for 18 months, with a 30-year amortization rate. The second loan for $22,730,000 is interest-only for 60 months. The third and final loan is for $14,140,000, interest-only for 60 months.
The assignment cross-collateralized 18 different properties, 17 of which are retail, located throughout Florida and Georgia. It includes twelve (12) Walgreens; a Publix shopping center; a small office complex secured by Bank of America, Baycare and Academie Davinci; a free-standing Applebee’s, Dunkin Donuts and Anytime Fitness; and the historic Safety Harbor Resort and Spa.
“The 17 retail properties in this portfolio are located in attractive, in-fill locations and have had their leases recently extended. In addition, the portfolio includes the historic Safety Harbor Resort and Spa, which enjoys a tremendous location fronting on historic Tampa Bay and has recently been upgraded with numerous capital improvements,” said CBRE Senior Vice President Donald Jennewein.
CBRE Senior Vice President Donald Jennewein and Executive Vice President Michael Strober, both with CBRE’s Debt & Equity Financing Group in Tampa, arranged the financing. Norman B. Krone, of the Krone Law Firm, LLC, in Safety Harbor, and Howard P. Slomka of The Slomka Law Firm in Atlanta provided counsel for the borrower.
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