A landlord got a $10.5 million loan to refinance an Orlando shopping center anchored by a Korean supermarket.
The lender made the five-year loan with terms customary for fully occupied shopping centers, even though Korean supermarket chain Lotte Plaza Market, an anchor tenant at the Orlando center, was still building out its space.
Other tenants at the 148,000-square-foot property, called Parkwood Plaza, include KFC, McDonalds, Taco Bell and Valvoline.
Parkwood Plaza is on the corner of North John Young Parkway and West Colonial Drive, about two minutes from the central business district of Orlando.
Daily traffic at the property’s crossroads location at 3191 West Colonial Drive in Orlando tops 37,000 vehicles.
Meridian Capital Group arranged the $10.5 million refinancing on behalf of Highyou Assets Corporation.
The five-year loan has a fixed interest rate of 5.34 percent, which the borrower substituted for a variable rate pegged 220 basis points above the 30-day LIBOR rate.
Though the Korean supermarket chain was still building out its anchor space at Parkwood Plaza, the lender structured the loan as if the property were fully occupied, “thus achieving full funding,” Aryeh Meiteles, vice president of Meridian said in a press release.
Meiteles and managing director Noam Kaminetzky, both based in Meridian’s Boca Raton office, negotiated the loan terms. – Mike Seemuth