Orlando Retail

Transaction description

David Sarnoff of PSRS arranged the $6.25 million refinance of a retail property in Orlando, Florida. The subject property is a 49,200 SF, multi-tenant retail center originally constructed in 2009. The impeccably maintained property is located on a major retail corridor surrounded by dense residential neighborhoods and other retail centers and enjoys a diverse rent roll, however, its major tenant is an experiential retail concept that occupies roughly three-quarters of the rentable space. Financed with a credit union execution, PSRS provided its borrower a 10-year loan term, of which five years are fixed, and there is no prepayment penalty at any time.