Northmarq’s Tampa Debt + Equity team arranges $14M refinance of Centergate Plaza in Sarasota, FL

SARASOTA, Fla.  — Northmarq’s Tampa Debt + Equity team led by Tommy Ware successfully arranged the $14 million refinance of Centergate Plaza, an 89,978-sq.-ft. anchored multi-tenant retail center located at 5808 Bee Ridge Rd in Sarasota, Florida.

Northmarq arranged the permanent-fixed rate financing on behalf of the borrower, Centergate Properties, LLC, through a correspondent life insurance company.  The transaction was structured on a five-year term with an additional five-year extension option.

“This transaction represents continuous high demand from our life insurance company relationships for well-performing grocery-anchored shopping centers in Florida,” said Ware.

Built in 1988 and sitting on 13.61 acres, Centergate Plaza is a Publix-anchored retail center and features more than 400 parking spaces. It sits conveniently on the corner of Bee Ridge Rd and Cattlemen Rd, which combine for more than 52,000 vehicles in average daily traffic. Centergate Plaza is blocks from access to Interstate 75, sits within a five-mile radius of more than 144,000 residents and is within close proximity of a variety of shopping, dining, pharmacy, bank and coffee shop locations.