Sandmar Retail Portfolio
2700 North Hiawassee Road, Orlando, FL 32818
This investment represents an $8 million 10-year mezzanine loan on the acquisition of six cross collateralized and cross defaulted grocery anchored shopping centers in Florida, North Carolina and Tennessee. The loan was originated by AIG Mortgage Capital. The borrower’s total acquisition price for the properties was $66,825,000. The terms on the KBS loan offer an attractive yield; interest only with prepayment open but subject to yield maintenance and no penalty during the last three months of the term.
The six retail centers together comprise 818,888 sq. ft. and range in size from 104,859 sq. ft. to 172,947 sq. ft. The average occupancy of the portfolio is 91%.
Investment at a Glance
Location: Florida, North Carolina and Tennessee
Property Type: Retail
Investment Type: First Mortgage and Mezzanine
Acquisition Date: January 9, 2007
Initial Loan Funding: $8,000,000
Anticipated Loan Term: 10 years
Square Footage: 818,888 SF