CBRE’s Debt & Structured Finance team has arranged a $6 million loan refinance for the Calusa Shopping Center in the West Kendall submarket of Miami, FL. CBRE’s Charles Foschini and Christopher Apone of CBRE’s Miami, Florida arranged the loan on behalf of Coral Gables-based Investment Management Associates. A banking institution provided the permanent financing at a fixed rate with a five-year term and 60% loan-to-value (LTV) ratio.

”We were very pleased to have facilitated this innovative financing for our client,” said Mr. Foschini, Vice Chairman, CBRE Debt & Structured Finance. “We structured this loan to supply this high-quality property with stable fixed rate financing at a low interest rate to ensure the owner can continue to improve the property and lease additional space.”

“Most folks would have thought this loan better suited for a CMBS lender.” said Mr. Apone, Senior Vice President. “By sourcing an international bank, we were able to provide both a low cost of capital and a flexible prepayment.”

Located on the southwest corner of SW 112 Street and SW 137 Avenue, the Calusa Shopping Center features 36,389 square feet of retail space and hosts national tenants such as Burger King, Advance Auto Parts, and Liberty Tax Service. The property was built in 1986 and is currently 83% leased.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.