Structured and arranged medium-term, fixed-rate senior debt to recapitalize a 120,000-square-foot shopping center located in Miami, Florida.
Challenges
The borrower was seeking high-leverage, long-term fixed-rate financing even though the property was in a transitional stage. The L-shaped anchor tenant space was vacant and although several tenants had signed leases, they had yet to take possession. Additionally, a number of leases had termination options set in the same year, which, if exercised, had the potential to create a significant vacancy.
