$24M loan to help boost re­tail cen­ter

Tampa Bay Times - - Business - Times staff

A $24 mil­lion loan is go­ing to re­fi­nance a Port Richey re­tail cen­ter steeped in debt. Com­mer­cial real es­tate fi­nance firm UC Funds, based in Bos­ton, re­cently closed the first mort­gage loan for Em­bassy Cross­ing, the 30.7-acre prop­erty at 9550 U.S. 19 in Port Richey. UC Funds gave the spon­sor, Aaron Berger, a $2 mil­lion re­turn of eq­uity with $6 mil­lion of spon­sor eq­uity left in the deal. Ac­cord­ing to a news re­lease, Berger plans to lease up 50,400 square feet that Sports Author­ity for­merly oc­cu­pied to in­crease the build­ing’s oc­cu­pancy from 79 per­cent to more than 95 per­cent. The loan from UC Funds will set aside $1 mil­lion for ten­ant im­prove­ments and leas­ing com­mis­sions.

Newspapers in English

Newspapers from USA

© PressReader. All rights reserved.