Dealmaker: Tremont Realty Capital Arranges $13M For Florida Shopping Center

Tremont Realty Capital, Boston, arranged $13.2 million from a New York City commercial bank for Delray Square II, a 150,000-square-foot Delray Beach, Fla. shopping center. 

The three-year, 77 percent loan-to-value bridge loan bears interest at 3.5 percent.

Tremont also arranged for Isram Realty Group, Hallandale, Fla., to become Delray Square II’s joint venture owner and operating partner.

Major tenants of the 50 percent occupied shopping center include Planet Fitness, H&R Block and Subway. A Publix supermarket shadow-anchors the property. The newly formed joint venture plans to redevelop the center by targeting large national tenants for the major spaces, bringing in smaller local and national retailers to lease the smaller stores and leasing the out parcels to national chain restaurants.

In Des Plaines, Ill., Tremont Managing Director Tom Lorenzini arranged a $4.8 million preferred equity investment for a 73,000-square-foot to-be-built Mariano’s grocery store on behalf of Abbott Land and Investment Corp., Bartlet, Ill.

The preferred equity investment combined with a construction loan make up 97 percent of the project’s total cost. Lorenzini said high demand for Mariano’s locations attracted multiple bids for the equity investment.