August 4, 2014
Aztec Group, Inc.’s Charles Penan, Director, and Howard Taft, Senior Managing Director, secured $2,021,250 in acquisition financing for a centrally-located retail property at 2301 North Miami Ave. in Miami.
“The property’s prime location, conservative loan request and the borrower’s proven track record enabled Aztec to arrange favorable financing terms that exceeded our client’s expectations,” Mr. Penan said. “The property will be home to art galleries and design retailers, who will add to the neighborhood’s rising art scene.”
Located along the major thoroughfare of North Miami Avenue, the 13,353-square-foot retail property, formerly used for warehousing, consists of four individual storefronts that art galleries and a high-end furniture store will occupy.
Considered one of Miami’s most artistically dynamic and diverse neighborhoods, Wynwood is home to over 70 galleries, museums and collections and is the center of Miami’s Arts and Culture District. The area’s renaissance has drawn real estate investors to transform former warehouse spaces into retail shops, galleries and showrooms, and restaurants.
Today, Wynwood has become one of the most desirable real estate markets in Miami.
Aztec Group represented the borrower, an affiliate of New York-based Atlas Real Estate Partners, in the transaction. Financing was provided by US Century Bank and terms of the five-year, non-recourse loan include a 55% loan-to-cost and 4.25% fixed interest rate.
It was previously reported that Atlas Real Estate Partners had turned to Fundrise, a real estate crowdfunding platform, to raise money for the 13,000-square-foot mixed-use project.
The property is 50% leased with the remaining two leases out for signature, which will bring the building to 100% occupied.