Berkadia today announced that it secured a $12 million loan on behalf of Fort Lauderdale-based Urban Street Development to refinance a portfolio of properties along “Restaurant Row” in Delray Beach, Florida. The five-building Atlantic Avenue portfolio includes three restaurant spaces and one four-story office building, and is currently home to popular restaurants Vic & Angelo’s and Taverna Opa. Senior Director Brad Williamson, of Berkadia’s South Florida office, arranged the loan.
Thefive-year permanent refinancing loan for Atlantic Ave. portfolio features a competitive 3.64% fixed rate with a 30 year amortization through a regional bank.
“Tim Petrillo and Alan Hooper of Urban Street Development acquired the properties in 2008, when it was only 37% leased,and invested approximately $3 million in renovations and improvements, including building out the office building which was a vacant shell,” said Williamson. “The property has been stabilized at 100% occupancy for past 5 years, and the loan will be used to pay off the existing debt and recapture some equity.”
Located in Palm Beach County, the Atlantic Ave. portfolio contains five buildings and 66 parking spaces. The 290 East Atlantic and 270 East Atlantic buildings, both built in 1926, have street- level retail space built out for high-end restaurants Vic & Angelo’s and Taverna Opa. The building located at 55 SE 2nd Avenue is a 10,464-square-foot, four-story office building built in 2001. The tenant is operating a full service executive office suite and co-working club called Office 55. The buildings at 29 SE 2nd Avenue and 258B East Atlantic Avenue are a free- standing single-tenant restaurant/lounge, currently home to tenant Il Bacio.
About Berkadia®:
Berkadia, a joint venture of Berkshire Hathaway and Leucadia National Corporation, is a leader in the commercial real estate industry, offering a robust suite of services to our multifamily and commercial property clients. Through our integrated mortgage banking, investment sales and servicing platform, Berkadia delivers comprehensive real estate solutions for the entire life cycle of our clients’ assets.
To learn more about Berkadia, please visit www.berkadia.com.
