Holliday Fenoglio Fowler, L.P. (HFF) announces the $58 million refinancing of a portfolio of nine necessity retail properties totaling 275,979 square feet in Miami Dade County, Florida.
The HFF team worked on behalf of the borrower, MMG Equity Partners, to place the 10-year, fixed-rate loan with an HFF correspondent life insurance company. Additionally, HFF will service the loan, proceeds of which will be used for working capital and new acquisitions.
The 97-percent-leased portfolio comprises six properties anchored by Navarro Pharmacy (CVS Pharmacy, Inc.), two anchored by President Supermarkets and one strip center. The portfolio properties, strategically located in urban infill areas throughout some of South Florida’s most desired and dense retail submarkets, are:
- Sunset Village Shopping Center at 10700 SW 72nd Street in Miami
- Bird West Plaza at 14465 SW 42nd Street in Miami
- Flagler Plaza at 5300 West Flagler Street in Miami
- Navarro Gables at 3949 SW 8th Street in Miami
- Little River Retail at 8050-8100 N Miami Avenue in Miami
- Kendall Drive Retail at 9720 North Kendall Drive in Miami
- Navarro Miami Beach at 631 71st Street in Miami Beach
- Colonial Shopping Center at 400 NE 125 Street in North Miami
- Navarro Sunny Isles at 18500 Collins Avenue in Sunny Isles Beach
The HFF debt placement team representing the borrower included senior managing director Chris Drew, senior director Nat Scarmazzi and associate Matthew McCormack.
“The strength of the MMG Equity Partners sponsorship combined with the exceptional locations of each of the assets led to significant interest from top-tier lenders,” Scarmazzi said. “Ultimately, a life company delivered an option at a favorable cost of capital that coincided with MMG’s long-term vision for the portfolio.”
As per Marcel Navarro, principal of MMG, loan proceeds will be used to fund the acquisition of additional Florida shopping centers.
About MMG Equity Partners
MMG Equity Partners is a privately-owned investment company focused on the long-term ownership, development, and acquisition of commercial properties in Florida. The company’s real estate portfolio includes 40+ properties encompassing two million square feet across the United States and Canada. For more information, visit http://www.mmgequitypartners.com.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visithfflp.com or follow HFF on Twitter @HFF.