|ST. PETERSBURG, Florida – Bison Financial Group, based here, has arranged a loan at what is quite possibly the highest loan proceeds per square foot on an unanchored retail shopping center achieved in Florida since the financial meltdown of 2008 . The newly constructed property is located in the rapidly gentrifying area between Downtown Miami and South Beach known as the Miami Design District. The 3,444 square foot two bay retail shop space will be home to two internationally recognized retail powerhouse tenants leasing their space over ten years on an absolute NNN leasing structure.
Cash Out Refinance CMBS Loan – Retail – Miami FL
Persistence and a willingness to think outside the box proved beneficial when Bison’s client mentioned he was just beginning construction on the two bay shop space property,
|had two executed absolute NNN leases in hand with international credit worthy tenants and might be willing to look at a permanent loan to take out his construction lender.
“One thing led to another. In a matter of days we contacted 40+ lenders in order to find the right blend of rate and terms. We selected a CMBS shop willing to take a hard look at the deal based on our underwriting model and write-up”, added Jared Repka of Bison. According to Repka, “the lender we ultimately selected was very familiar with the renaissance happening in the design district. They grasped how this area was transforming into a retail shopping district on par with SoHo, the Gold Coast and Rodeo Drive.”
Even with the past three weeks being a roller coaster ride in the financial marketplace, Bison was able to guide the transaction to closing with their client realizing a significant cash-out event. The 10-year, non-recourse CMBS loan was based on 75% loan-to-value payable on a 30-year amortization schedule. The $4.6 million permanent loan had an indicated funding amount of $1,375 per square foot….. a new record?