Shopping Center Business is the leading monthly business magazine for the retail real estate industry.
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20 • SHOPPING CENTER BUSINESS • May 2017 NEWSLINE M O N E Y M AT T E R S FIRSTBANK PROVIDES $22.3 MILLION CONSTRUCTION LOAN FOR RETAIL CENTER IN MIAMI BEACH FirstBank has provided a $22.3 million construction loan for a Michaels-anchored retail center located at 1824 Alton Road in Miami Beach. The borrower, Saber 1800 Alton LLC, will use the loan to develop the 32,491-square- foot property, which was formerly the site of a gas station. The borrower purchased the site in 2015 and signed Michaels to anchor the center with a 22,492-square-foot store. Mahesh Pattabhiraman and Elsie Alvarez of First- Bank closed the financing. BERNARD ARRANGES $5.2 MILLION LOAN FOR CONSTRUCTION OF MIXED-USE PROPERTY IN DETROIT Bernard Financial Group has arranged a $5.2 million loan for the construction of Baltimore Station in Detroit. The 22-unit luxury apartment complex will also feature 8,100 square feet of retail space. TCF Bank provided the loan. Dennis Bernard and Kevin Kovachevich of Bernard arranged the loan on behalf of the borrower, Baltimore Station LLC. HFF ARRANGES $12.6 MILLION REFINANCING FOR RETAIL BUILDING IN SANTA MONICA HFF has arranged a $12.6 million refinancing for 3202-3212 Wilshire Blvd., a 28,209-square-foot retail build- ing located in Santa Monica, California. CVS/pharmacy and BevMo fully occupy the property. Jeff Sause, Paul Brindley and Ryan Ash of HFF worked on behalf of the borrower, a local family office advised by The Luzzatto Company Inc., to place the non-recourse, fixed-rate loan with a life insurance company. Loan proceeds were used to supplement the borrower's planned long-term hold of the asset in their core portfolio. Knowledge Experience Integrity Connected 6 7 8 . 7 1 8 . 1 8 8 0 / / w w w . c p d i s p o . c o m A T L A N T A / / G R E A T E R L O S A N G E L E S / / T A M P A Corporate Property Dispositions Success in Excess TM Retail Real Estate is changing. CPD utilizes the four strengths of the company to adapt to today's market. We approach each property with unique solutions tailored for each client and property. Are you thinking outside of the box with your real estate portfolio?