Nov. 29, 2017 – FM Capital recently arranged the $24.4M refinancing of Embassy Crossing Shopping Center, a 340,000 SF shopping plaza in Port Richey, FL. The property is located north of Tampa, and is across the street from Pasco County’s only mall, Gulf View Square Mall. With high visibility from U.S. Highway 19, Embassy Crossing receives frequent traffic from locals and tourists alike. The property is currently 88% occupied and is home to such notable retail tenants as: Bed Bath and Beyond, Michael’s Arts and Crafts, Petco, Olive Garden, Lane Bryant, Scottrade, and the U.S Post Office.
The loan was funded by a national bridge lender. FM Capital’s Vice President of Loan Originations, Yael Ishakis, negotiated this loan and credits her company’s reputation, the asset’s marketability, and the quick turnaround time of Marc Wohlgemuth & Associates P.C. as key factors in the process: “Due to our strong presence in Florida and the property’s appeal, we were able to leverage our relationship and get the lender comfortable with the large vacancy.” Ownership intends to give a percentage of the proceeds as tenant improvement allowances to aid in the asset’s repositioning and increase leasing velocity. Once the asset reaches full occupancy, ownership will consider refinancing opportunities.