Insurer lends $19 million to buy Naples retail center

A unit of Preferred Apartment Communities used the loan to finance its purchase of a shopping center with a 98.1% occupancy rate

The Crossroads Market in Naples
The Crossroads Market in Naples

A life insurance company loaned $19 million for the purchase of a Naples shopping center anchored by a Walgreens pharmacy and Publix supermarket.

Nationwide Life Insurance Company provided the loan for the acquisition of Crossroads Market, a 126,895-square-foot shopping center with a 98.1 percent occupancy rate.

The buyer, a subsidiary of publicly held Preferred Apartment Communities Inc., got a 12-year, non-recourse loan from Nationwide with a fixed 3.95 percent interest rate.

In addition to Publix and Walgreens, the tenants of Crossroads Market include Chase Bank, Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care and Subway.

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The shopping center is located on a 14.36-acre site at 6029 Pine Ridge Road in Naples, within three miles of more than 57,100 affluent residents.

Crossroads Market also is near an Interstate 75 interchange and the Vineyard golf course community, and adjacent to Physicians Regional Medical Center.

Holliday Fenoglio Fowler, L.P., (HFF) arranged the $19 million acquisition loan. The HFF debt placement team representing the borrowers included senior managing director Ed Coco, senior director Nat Scarmazzi and associate Matt Casey.

HFF has brokered the sale of 37 Publix-anchored shopping centers in Florida since January 2012. – Mike Seemuth