HOLLYWOOD, Fla., Nov. 29, 2017 /PRNewswire/ — FM Capital recently arranged the $24.4M refinancing of Embassy Crossing Shopping Center, a 340,000 SF shopping plaza in Port Richey, FL. The property is located north of Tampa, and is across the street from Pasco County’s only mall, Gulf View Square Mall. With high visibility from U.S. Highway 19, Embassy Crossing receives frequent traffic from locals and tourists alike. The property is currently 88% occupied and is home to such notable retail tenants as: Bed Bath and Beyond, Michael’s Arts and Crafts, Petco, Olive Garden, Lane Bryant, Scottrade, and the U.S Post Office.
Embassy Crossing Shopping Center, Port Richey, FL
The loan was funded by a national bridge lender. FM Capital’s Vice President of Loan Originations, Yael Ishakis, negotiated this loan and credits her company’s reputation, the asset’s marketability, and the quick turnaround time of Marc Wohlgemuth & Associates P.C. as key factors in the process: “Due to our strong presence in Florida and the property’s appeal, we were able to leverage our relationship and get the lender comfortable with the large vacancy.” Ownership intends to give a percentage of the proceeds as tenant improvement allowances to aid in the asset’s repositioning and increase leasing velocity. Once the asset reaches full occupancy, ownership will consider refinancing opportunities.
For all commercial real estate debt loan origination inquiries, please contact:
Vice President, Structured Debt
(718) 732 – 0309
About FM Capital
FM Capital, LLC is a full service vertically-integrated Commercial Real Estate (CRE) investment firm, headquartered in South Florida and New York. FM Capital invests in commercial real estate and debt strategies, and specializes in originating CRE financing. Since our inception in 2007, we have acquired and disposed of more than $1 Billion in assets and over 15,000 multifamily units. By utilizing a value-investing philosophy and hands-on management approach, we continue to achieve success. Our extensive commercial real estate expertise and long-standing lender relationships have enabled our loan origination team to leverage and source these resources to offer the most aggressive loan product for our clients. Our first-class client support and owner-mentality differentiate us from the competition and help us generate loan solutions tailored to our clients’ needs. www.FMCapital.com
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SOURCE FM Capital