Florida Retail Property Refinanced
NAS Delivers Lending Source For Refinancing Florida Retail Property
National Asset Services has successfully delivered a lending source to investors at Market Square, a Florida retail shopping center located in Ft. Myers, Florida.
Because options for refinancing the tenant-in-common (TIC) retail property in today’s marketplace are limited and disadvantageous, NAS strategically guided ownership, consisting of 13 TIC investors, through an innovative refinancing strategy that involved reorganizing and consolidating the TIC group into a new limited liability company. The formation of the newly created limited liability company enabled ownership to take advantage of an IRS code that enabled the contribution of the property to the new ownership entity without realizing a gain or loss. The new ownership entity then became the borrower under a new loan.
NAS worked with Keystone Mortgage Corporation executives, Nick Viscount, Senior Vice President and Tim W. Winton, Senior Vice President, to secure financing for the Florida retail shopping center. Keystone Mortgage is a California-based company, known for its expertise as a commercial financing advisor and is an example of NAS’ network of highly reputable industry resources.
“Despite challenging circumstances, we were pleased to forge a pathway on which our clients could continue as investors in the property,” commented Karen E. Kennedy, President and Founder of National Asset Services. “We have a strong reputation for closing, which was a key factor in securing a capital source for refinancing the asset.”
Built in 2004, and acquired in April 2005 by the TIC co-ownership group, the Florida retail property features Cost Plus, Petco, Michael’s and Dollar Tree. The retail stores account for 65,688 square feet of the approximately 1.1 million square-feet of total retail located at the intersection US 41 (Tamiami Trail) and Daniels Parkway. The area serves as one the primary shopping destinations for residents of Ft. Myers.
National Asset Services will continue serving as the asset manager for Market Square while Saint Louis-based Sansone Group, has assumed property management responsibility for the property.