Sunday, March 15, 2015

HFF arranges $2 million financing for retail center in South Florida



79th Avenue shops, 4701-4747 Northwest 79th Avenue, Downtown Doral, FL


Cecily Nazario
MIAMI, FL – HFF announced it has arranged $2 million in acquisition financing for 79th Avenue Shops, a 24,973-square-foot retail center located immediately east of  Downtown Doral and the Doral White Course in Doral, Florida.

HFF worked on behalf of the borrower, DTT Doral, 79 LLC, to arrange the 15-year, fixed-rate loan through Ohio National Financial Services, a life insurance company.

                Renovated in 2008, 79th Avenue Shops is situated on 1.41 acres at 4701-4747 Northwest 79th Avenue in Doral and benefits from a dense, infill location with excellent proximity to the Palmetto and Dolphin Expressways.

 Located in the city of Doral, a fast-growing community with a daytime employment population of more than 150,000 workers and an above average household income of more than $89,000 for residents, the property boasts significant value-add potential as a result of being well positioned in a 99 percent leased submarket, according to CoStar.

Jose Carrazana

  79th Avenue Shops is 84 percent leased to 7-Eleven, Annie’s Best Buy Liquors, Sushi Runner, AM Realty, Taste of Style Catering, Electric Supply and S1 Security Group Inc.

The HFF debt placement team was led by associate director Jose Carrazana and real estate analyst Cecily NazarioNestor Machado of Cawy Real Estate represented the buyer.

“The success of this loan placement was directly correlated to numerous factors, including the borrower’s commercial real estate leasing and management expertise as well as Doral’s rapid transformation into an exciting, upscale, live-work-play destination,” Carrazana said.
  
For a complete copy of the company’s news release, please contact:


Olivia Hennessey
Public Relations Coordinator
HFF | 9 Greenway Plaza, Suite 700 | Houston, TX 77046
tel 713.852.3403 | fax 713.527.8725 | www.hfflp.com


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