Aztec Group, Inc. has secured $14.57 million in acquisition financing for the 216,000-square-foot Adler Aventura Warehouse Portfolio in Miami and the neighborhood retail center Gateway Shoppes in Ft. Lauderdale.
The financing transactions were completed by Howard Taft, Senior Managing Director, and Charles Penan, Director.
The Adler Aventura Warehouse Portfolio is a nine-building industrial and flex portfolio boasting a 97% occupancy rate ideally located at 1600 NE 205th Terrace in Miami. The portfolio has approximately 800 feet of frontage on the south side of Ives Dairy Road and another 700 combined feet of frontage along Interstate 95, on the property’s east side.
Acquisition financing was provided by City National Bank. Terms of the five-year, $11.57 million loan include a 65% loan-to-value ratio, two years of interest payments, followed by a 23-year amortization schedule, and LIBOR-based floating interest rate.
In a separate financing deal, City National Bank also provided acquisition financing for Gateway Shoppes, a 22,000-square-foot neighborhood retail center with a 70% occupancy rate located at 1001 North Federal Hwy in Broward County. Terms of the five-year, $2.9 million loan include a 50% loan-to-value ratio, two years of interest payments followed by a 23-year amortization schedule and LIBOR-based floating interest rate.
“The prime locations of these commercial properties, conservative loan requests and borrower’s proven track-record enabled Aztec to arrange very favorable financing terms from City National Bank,” said Howard Taft, Senior Managing Director at Aztec Group. “These mark the first of many transactions both borrower and lender plan to work on together in the future.”
In both transactions, the borrowers were affiliates of Aventura-based Triarch Capital Group.
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