Aventura-based Triarch Investment Group secured a $11 million first mortgage on the Biscayne Harbour Shops in its home city, the South Florida Business Journal reported.
BankUnited provided the six-and-a-half year mortgage, which has a 50 percent loan-to-value ratio, on the 44,500-square-foot, three-building retail complex. The deal was arranged by the Aztec Group.
Triarch recently upgraded the facade, parking lot, landscape and signage of the shops, located at Northeast 181st Street and Biscayne Boulevard, helping reduce the vacancy rate to 20 percent from 60 percent in six months. [SFBJ]