Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged a $10 million loan for the refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W Sample Road in Margate, Florida.
The loan was secured by Robert Bhat, Senior Managing Director, Capital Markets based out of MMCC’s Miami office.
“The Carolina Springs Plaza shopping center sits on 13.4 acres and is anchored by El Bodegon Supermarket, a successful South Florida grocer who has anchored the property since 2011,” added Mr. Bhat. “The shopping center is in an excellent Margate location along a dense retail corridor. We were able to secure a 10-year, $10 million loan with an interest rate of 5.50% to provide cash out proceeds to the borrower.”
The fixed-rate loan features a 25-year amortization and 70% LTV.