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KPR Centers Secures $29M Refinancing for Tamarac Retail Plaza
An affiliate of real estate investment, development and management company KPR Centers has secured a $28.5 million loan to refinance Sunshine Plaza, a 236,934-square-foot shopping center anchored by Publix Supermarket, Marshall’s and Old Time Pottery. Additional tenants include 24 Hour Fitness, Dollar Tree and Rainbow.
Timothy Breda and Katie Lombardo of Goedecke & Co.’s Westport office arranged the financing through John Hancock Life Insurance. Terms of the financing included a long term, fixed rate, non-recourse loan.
“Sunshine Plaza was purchased by an affiliate of KPR Centers in 2014 with a specific business plan, seeking upside valuation by taking advantage of strengthening market characteristics,” said Breda. “KPR executed on their business plan and raised NOI significantly, and therefore value. KPR feels that this is a strong relative value investment, given the high traffic and advantageous demographics which have resulted in high historical occupancy and above average tenant sales.”
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