MIAMI, FLORIDA (April 9, 2020) – Michael Balan, senior vice president of NorthMarq’s Miami office, arranged $14 million in refinancing for Village Square Shopping Center. The 88,529 sq. ft. retail property is located at 1601-1697 North Hiatrus Road in Pembroke Pines, Florida. The property contains a new Publix plus two outparcels – Bank of America and McDonald’s.
“The combination of a great location, quality tenants and substantial historical anchor sales allowed us to attract a long-term fixed rate well below most lenders shorter term rates. NorthMarq was able to offer multiple extremely competitive options,” said Balan.
The transaction was structured with a 21-year term with 1-year of interest only followed by a 20-year amortization schedule. NorthMarq arranged the permanent-fixed loan for the borrower through its correspondent relationship with a life insurance company.