The Equity, Debt & Structured Finance Team of Chris Lentz and Jason Hochman Secured the Loan on Behalf of Stockbridge Capital
MIRAMAR, FL, June 26, 2018 — Cushman & Wakefield secured $20 million in financing for the acquisition of Fountains of Miramar, a ±140,000-square-foot shopping center in Broward County.
The Equity, Debt & Structured Finance team of Chris Lentz and Jason Hochman, representing Stockbridge Capital, secured a long-term, non-recourse loan with a low, fixed interest rate from NY Life Insurance.
Fountains of Miramar is a 139,329-square-foot, best-in-class community shopping center developed in 2005 on a 15.26-acre site at 2905–3161 SW 160th Avenue in Miramar. The property, anchored by Ross, Marshalls and HomeGoods, is 93% occupied.
Fountains of Miramar is located at the northeast corner of Dykes Road and Miramar Parkway, just west of the Interstate 75-Miramar Parkway interchange. The center serves a roughly three-mile radius with an average household income of $96,524 and a population of 121,826 that is projected to grow 13.2% over the next five years.
“We were happy to identify a lender quickly and lock in a low interest rate, enabling our client to maximize long-term cash flows,” said Lentz.
Added Hochman, “The property’s proven ownership, dynamic anchor lineup and central location in a highly desirable trade area aided our team in securing favorable terms for our client.”
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Communications Specialist, Florida