Trez Capital, a private real estate lender helping to build better communities across North America, funded an $11,398,990 second-mortgage bridge loan on a 235,390 square-foot shopping center in suburban Orlando.
Wekiva Riverwalk is located on 25 acres at 2271 E. Semoran Blvd. in Apopka. The center is 100% leased with notable tenants such as Petco, Ross, Marshalls, Five Below and Bed Bath and Beyond. In June, a Sprouts store and ULTA will move in. A portion of the financing will be used to build out space for the two new tenants and help fund the installation of a new traffic light at one of the shopping center’s entrances.
Trez Capital Vice President Scott Mehlman and Executive Managing Director, Eastern U.S., Brett Forman, from the Palm Beach office, originated the loan on behalf of the owner/sponsor, Boca Raton-based Woolbright Development.
“Wekiva Riverwalk is a well-performing asset that serves the local community, and it did so reliably throughout the pandemic,” Mehlman said. “The property is in a good location with a strong tenant mix. The addition of two national retailers provides even more long-term value.”
Woolbright acquires and develops community shopping centers throughout Florida’s top metro markets including Orlando, West Palm, Ft. Lauderdale, Miami, Tampa and Jacksonville. It also handles leasing and property management for its own centers and on a third-party basis.
“While we have been focused on funding residential projects to meet the demand for new housing, the Wekiva loan underscores our ability to execute well on other asset classes backed by experienced and financially secure sponsors like Woolbright,” Forman said. “In Florida, we still like brick-and-mortar retail in communities with strong sponsorship and tenant mix.”
Forman noted he has had a personal relationship with the borrower for years and is proud to have transacted with Woolbright.
Trez Capital provides short-term debt and equity financing typically between six and 36 months in term, up to $100 million in loan value. In 2021, the company originated $3.9 billion in loan originations with $633 million sourced from the Eastern U.S. region that includes offices in Palm Beach, Florida and Atlanta, Georgia.
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