March 28, 2024
Prime Rate
8.50%
5.19%
4.22%
3.85%
Photo of Lake Mary Village
Property Type
Retail
Transaction Details

$19,975,000 Permanent
Debt Fund

Transaction Name
Lake Mary Village
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Transaction Details

Essex’s client was under contract to acquire Lake Mary Village, a 106,189 square foot retail property located in Lake Mary, Florida. The center, comprised of four buildings, is anchored by TJ Maxx and situated on a major retail thoroughfare. At the time of acquisition the property was more than 96% occupied by a mixture of national, regional, and local tenants including TJ Maxx, Jason’s Deli, Orange Theory Fitness, Domino’s.

The Proposition

The Borrower hired Essex Financial Group to source a permanent, non-recourse loan. The borrower also strongly preferred to work with a balance sheet lender.

Our Solution

Michael Salzman arranged the $19.975 million, fixed-rate loan, which offered an interest-only payment period for several years followed by an amortization schedule that met the objectives of the borrower. The loan was placed with one of Essex’s debt fund lenders that offers a unique balance sheet program for stabilized commercial real estate.