$10,700,000 Acquisition Loan for a Multi-Tenant Retail Shopping Center in Melbourne, FL

PACT Capital is pleased to announce that it has arranged the acquisition financing of a value-add multi-tenant retail center located in Melbourne, FL comprised of 107k SF of net rentable space. The property carried a 14% vacancy at closing along with a rent roll of numerous tenants paying significantly below market rents.

The subject property is strategically located in a high-traffic area within the Melbourne Metropolitan Area. It features a strong lineup of anchor tenants, including Ross Dress for Less, Beall’s, and a newly opened Michaels. Additionally, the property includes an outparcel ground-leased to Panera Bread.

The value-add acquisition financing was completed in concert with the borrowers 1031 exchange along with a $10.7MM bridge loan at 65% of purchase price for a 12-month term with no prepayment penalty. The relationship team at PACT Capital faced numerous hurdles to overcome with this transaction of which included a 6-member TIC ownership structure, expiring 1031 exchange timelines and property insurance.