West Palm Beach, Fla. (PRWEB) July 29, 2015 -- MHCapital Funding LLC, a West Palm Beach-based real estate lending firm specializing in non-recourse debt for Florida properties, announced that is has provided an $11.25 million non-recourse, first mortgage loan for Spruce Creek Professional Center & Terrace Shoppes, a 92,000 square-foot mixed use office/retail center in Florida.
The center is situated within The Villages, a 55+ master-planned community that is one of the fastest growing areas in the nation and spans three counties, from Marion to Lake and Sumter Counties. The subject property is in Marion County between Orlando and Ocala. MHCapital provided non-recourse 10-year, fixed-rate refinancing on an existing CMBS loan, which permitted the borrower to cash-out on renovations to the property while providing additional liquidity.
Spruce Creek Professional Center & Terrace Shoppes is located off SE 109th Avenue in Summerfield, Florida. The mixed-use center is approximately 14 miles south of Ocala with direct frontage on US 441, a main north-south Florida highway. There are six one-story buildings, built in 1998, and the center was recently renovated. The tenant base caters to The Villages community and includes office uses for medical providers and financial advisors, and retail tenants including restaurants, hair salon, clothing store, and cable/wireless provider among others.
“We were pleased to provide full debt proceeds at a very attractive rate to an experienced borrower,” stated Don Stevens, Managing Director of Loan Originations at MHCapital Funding. “From an underwriting perspective, this mixed-use center has particularly compelling income-producing features with its prime location in such a fast growing community. The center has a win-win formula, catering to the greying of the baby-boom generation and situated within an active adult community. Given our extensive experience in Florida markets and the quality of the asset, we were able to provide an extremely competitive rate and terms.”
Added Jordan Paul, CEO of MHCapital Funding, “We are seeing a surge in borrowers seeking to lock in fixed rates under the current rising-rate scenario. With the strengthening in underlying market fundamentals across the state of Florida, our clients are able to benefit from increasing property values to generate liquidity in a tax efficient manner.”
About MHCapital, http://www.mhcapfunding.com
MHCapital Funding LLC, headquartered in West Palm Beach, Florida, is an independent commercial real estate finance company that provides capital-markets based financing for properties throughout Florida. Backed by one of the world's largest financial institutions, MHCapital Funding provides non-recourse first mortgage loans ranging from $3 million to $100 million secured by income-producing properties including office, retail, multifamily, warehouse, self-storage facilities and hotels. MHCapital Funding provides loan-to-values up to 75% with five to 10-year terms at very competitive interest rates.
Anne Kazel-Wilcox, NAI/Merin Hunter Codman, http://www.mhcreal.com, +1 (561) 313-5612, [email protected]
SOURCE NAI/Merin Hunter Codman