Aztec Group, Inc. announced that Brell Tarich and Charles Penan secured $12 million in non-recourse financing for Kirkman Oaks Shopping Center in Orlando. Kirkman Oaks is an 98,000-square-foot neighborhood retail center anchored by Publix Supermarket and Davita Dialysis. The property is 98% occupied and ideally located just north of Universal Studios at 4606 S Kirkman Road.
Financing was provided by a Georgia-based regional bank. Financial terms of the non-recourse mortgage include a 7-year term, sub-3.5% fixed interest rate and a 30-year amortization schedule. The borrower is led by Daniel Halberstein, a seasoned retail and office investor based in Aventura, Florida.
“Grocery-anchored retail centers, especially those boasting Publix as their anchor, are highly coveted by lenders looking to put out capital in the current Covid-19 environment,” said Tarich, Director of Aztec Group. “The borrower’s stellar track record coupled with the well-performing property allowed us to secure long-term financing at very attractive terms that exceeded the borrower’s expectations.”
“Kirkman Oaks benefits from its exceptional infill location at the main intersection of one of Orlando’s premier submarkets,” added Penan, Executive Vice President of Aztec Group. “The terms of this financing speak to the strength of both the ownership and the asset itself.”
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