Northmarq’s Fort Lauderdale office arranges $8.2 million refinance of Kissimmee multi-tenant retail center
FORT LAUDERDALE, Fla. (March 8, 2024) — Northmarq’s Fort Lauderdale Debt + Equity team of Vice President Bob Harrington and Associate Producer Ryan Rabinowitz has secured the $8.2 million external refinance of Poinciana Towne Center. Built in 2008, the multi-tenant, shadow-anchored retail center features five buildings with 62,023 rentable sq. ft.
Northmarq arranged financing on behalf of the borrower, a South Florida-based owner-developer, through a correspondent relationship with a life insurance company. The transaction was structured on a 10-year term with a 25-year amortization schedule.
“With the instability in the treasury markets, it was important for our client to be able to lock the rate at application and remove interest rate risk from the transaction,” said Harrington. “Our life insurance company correspondent stepped up and provided an aggressive, non-recourse quote for this property. The lender was also very accommodating in working through the increasingly difficult insurance market that Florida borrowers are currently facing.”
Located in the Orlando MSA, Poinciana Towne Center boasts excellent visibility off the highly trafficked Cypress Parkway. The retail property features local and national tenants including Anytime Fitness, Dollar Tree and Sherwin-Williams Paint Store and is shadow anchored by ALDI and Walmart.
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