Urban Street Development Secures $20.5M In Refinancing For Delray Asset

Urban Street Development and Berkadia have closed on a new $20.5 million loan for Urban Street Development’s prime mixed-use retail and office asset consisting of 27,124 square feet located on Delray Beach’s vibrant Atlantic Avenue.

It was a cash-out refinance with full term interest only.

The property is currently 100% occupied and has historically operated at full occupancy during Urban Street Development’s ownership. Current tenants include Throw Social, Roka Hula, Vic and Angelo’s, Brandy Melville, and a collaborative office space at 55 Delray.

“This asset is located in one of the most vibrant and sought-after locations in South Florida, and underscores our dedication to creating innovative developments that elevate the community,” said Tim Petrillo, Co-Founder of Urban Street Development. “We’re thrilled to continue to expand our presence in Delray Beach and contribute to the energy and excitement that make this area so special.” 

Managing Director Brad Williamson of Berkadia Miami, along with Senior Managing Director Mitch Sinberg of Berkadia Boca Raton, Managing Directors Scott Wadler and Matt Robbins, and Vice President-Originations Kyle Ryan, arranged the loan on behalf of the borrower, Urban Street Development, a real estate design, development, and management firm based in Fort Lauderdale, Florida.

Urban Street Development owns, manages, and has in development more than $750 million of real estate projects, including well-known mixed-use neighborhood projects like FAT Village in Fort Lauderdale.

Urban Street Development has been active in the Delray Beach market for some time and continues to seek strategic opportunities to expand its footprint. The company’s presence continues to grow in the Delray Beach market since originally closing on its assemblage in 2007 with its most recent acquisition in 2021. Atlantic Avenue and Delray Beach are core markets for the firm, given their dynamic growth, strong demand, and appeal as a top destination for residents and businesses alike. The firm continuously evaluates market trends and remains nimble in its approach, allowing it to make acquisitions at the right time.