Publix-anchored Pembroke Pines shopping center scores $14M refi

Publix is one of the few businesses open during the coronavirus pandemic

1601-1697 North Hiatus Road
1601-1697 North Hiatus Road

The Publix-anchored Village Square Shopping Center in Pembroke Pines scored a $14 refinancing loan.

Aruba/ Pembroke Investments N.V. LLC, led by Maria Clara Garbati of Fort Lauderdale, secured the loan for the property at 1601-1697 North Hiatus Road from NorthMarq’s Miami office. The property, which also includes a Bank of America and McDonald’s, totals 88,529 square feet, according to a press release.

Aruba/ Pembroke Investments N.V. LLC purchased the property for $7.1 million in 1995, records show.

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The loan has a 21-year term with one year of interest only, followed by a 20-year amortization schedule, according to the release.

Many developers are seeking to refinance to take advantage of low interest rates.

Publix is one of the few essential businesses that have been allowed to stay open during the pandemic. In many cases Publix is its own landlord. Of the company’s 1,239 supermarkets, Publix owns the land and the building at 351 locations, according to the company’s annual report.

Last year, it paid $70 million for the Publix-anchored Doral Plaza Shopping Center in Doral.