An HFF team represented the owner of a Pembroke Pines shopping center to secure a $14.23 million loan to repay the construction loan.
Sheridan Village, southwest of Interstate 75 and Sheridan Street, is a 63,654-square-foot retail center that also has self-storage space. The first 15,098 square feet of retail was finished December 2016, and the other 14,029 square feet of retail and 34,527 square feet of storage space was completed last December.
Developer and owner Sheridan Real Estate Group LLC borrowed against the property at 16602-16660 Sheridan St. from Mercantil Bank N.A. This is a seven-year, fixed-rate loan.
The HFF team that worked the deal included senior managing director Scott Wadler and associate Jesse Wright, both in Miami. The deal closed Dec. 26.
Retail real estate has been struggling in light of e-commerce growth, but this shopping center has a advantages in its favor. It has shops and restaurants that are a part of everyday life, Wadler said.
The tenants include Dunkin’ Donuts, an Italian restaurant, pharmacy and health care center. The property is near homes and a school that bring traffic to the plaza, Wadler said.
Pembroke Pines Charter High School, a regional public library and performing arts center are north across Sheridan Street.
“It’s really just good everyday, neighborhood retail,” Wadler said. “It’s just a center that’s going to get consistent traffic because of the students and residents immediately around it.”
The retail center faces the major east-west corridor and is about a mile from Interstate 75.
Mercantil Bank was represented by bank vice president Cristina Zampieri.
Carlos J. Reyes of the Reyes Law Group and general counsel for the builder, ANF Group Inc., a construction affiliate of the owner, closed the transaction.
“The combination of a first-class sponsor and a well-positioned asset paved the way for a successful financing,” Wadler said. “The continued growth of the multi-housing market in Pembroke Pines will drive demand for unanchored strip retail and self storage.”