Coral Gables-based Investment Management Associates has secured a loan of $6 million to refinance the Calusa Shopping Center in the West Kendall submarket of Miami. CBRE’s Debt & Structured Finance team arranged the instrument with a fixed rate loan with a five-year term and 60 percent LTV. Located on the southwest corner of SW 112 Street and SW 137 Avenue, the retail center features 36,389 sqf of retail space and hosts national tenants such as Burger King, Advance Auto Parts, and Liberty Tax Service. Built in 1986, the property is currently 83 percent leased.
”We were very pleased to have facilitated this innovative financing for our client,” said Charles Foschini, Vice Chairman, CBRE Debt & Structured Finance. “We structured the loan to supply this high-quality property with stable fixed rate financing at a low interest rate to ensure the owner can continue to improve the property and lease additional space.”
