Oct
30
$58M Sourced to Refi South Florida Retail Portfolio
ByMMG Equity tapped HFF to find the lender, a life company, for a nine-property portfolio. The properties are located in urban infill areas in what reportedly are some of South Florida’s densest retail submarkets.
HFF has completed the $58 million refinancing of a portfolio of nine retail properties totaling about 276,000 square feet in Miami-Dade County, Fla. The borrower was MMG Equity Partners, of Pinecrest, Fla., on whose behalf HFF was able to place the 10-year, fixed-rate loan with an HFF correspondent life insurance company. In addition, HFF will service the loan.
The portfolio is 97 percent leased and comprises six properties anchored by Navarro Pharmacy, two anchored by President Supermarkets and one strip center. Local South Florida chain Navarro Pharmacy was acquired by CVS in 2014, but is still operated as a separate brand…
