Franklin Street has closed a $2.27 million acquisition loan for Clearwater Towne Square located in Clearwater, Florida. Ben Miller and Casey Siggins of Franklin Street’s Capital Advisors division secured the loan on behalf of the buyer, Private Ownership Group. Franklin Street was the listing broker for the property and has also been retained to insure, manage, and lease the center. The five-year loan includes a 4.5 percent fixed rate.
“We are seeing significant interest from local and regional banks to lend on high-quality, well-positioned retail assets in good locations,” Siggins said. “It appears as though lenders see more upside in certain retail properties versus multifamily, which has seen such a strong run-up during this cycle.”
The property is located at 535 S. Fort Harrison Avenue one block south of Florida State Road 60, the main thoroughfare to and from Clearwater Beach. Publix shadow anchors the property, and tenants include Chase Bank, FedEx/Kinkos and Jimmy Johns. The shopping center is within walking distance of Morton Plan Hospital and other office buildings in downtown Clearwater.
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