$24M loan to help boost retail center
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.