Daily Business Review
Daily Business Review





July 4, 2009
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On Real Estate

Deal of the day, July 2
Distribution company adds $4.3M to mortgage

Source Interlink Distribution added $4.34 million to an existing $20 million mortgage from Wachovia Bank for a warehouse in Coral Springs.

Address: 4300 Coral Ridge Dr., Coral Springs

Property type: 240,200-square-foot warehouse built in 1982 on 18.88 acres

Loan value: $4.34 million

Lender: Wachovia Bank, Helga Immerfall, vice president

Borrower: Source Interlink Distribution LLC, Douglas Bates, senior vice president and secretary

Past sale: $8.35 million in 1995

Click here to view the day's other deals

Deal of the Day, July 1
$5 million loan secured for education building
Family Central Inc. obtained a $5 million loan from SunTrust Bank for an educational building the non-profit owns on 4 acres in North Lauderdale.

Address: 840 SW 81st Ave., North Lauderdale

Property type: 53,023-square-foot educational building completed in 1986 on 3.47 acres

Loan value: $5 million

Lender: SunTrust Bank, James Wells, CEO

Borrower: Family Central Holding Company Inc., Barbara Weinstein, president
Past sale: $1.16 million in 1993

Click here to view the day's other deals

Deal of the day, June 30
$10 million buys offices in Boca

Address: 6111 Broken Sound Parkway, Boca Raton

Property type: A 99,897-square-foot office building completed in 1986 on 8.02 acres

Price: $10 million, or $100.10 per square foot

Seller: 6111 Broken Sound LLC, Jeffrey Schmier, manager

Buyer: 6111 BSP Associates Ltd., David Novoseller, manager

Past sale: $8.6 million in April 2005

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Deal of the June, June 29
Buildings used in nearly $11 million mortgage

A Miami company obtained a $10.83 million mortgage from TotalBank for a pair of retail buildings on about 9 acres it leases from Hecht Bird Road Property Ltd.

Address: 8503 SW 40th St. and 8665 Bird Road, Miami-Dade

Property type: 5,806-square-foot retail building completed in 1980 on a 0.82-acre lot and a 794-square-foot retail building completed in 1981 on 8 acres

Loan Value: $10.83 million

Lender: TotalBank, William Heffernan, CEO

Borrower: Bird and 87th Avenue Village LLC, Agustin Herran, president

Click here to view the day's other deals

Deal of the day, June 26
$3.4M second mortgage obtained for properties

Kimco Realty of New York obtained a second mortgage worth $3.4 million (first loan was for $21.43 million) for a shopping center and restaurant in Fort Lauderdale.

Address: 6201 and 6245 N. Andrews Ave., Fort Lauderdale

Property type: A 91,149-square-foot shopping center built in 1997 on 19.26 acres and a 7,457-square-foot restaurant built in 1998 on a 0.19-acre lot

Loan value: $3.4 million

Lender: Firstbank Puerto Rico, Carmen Nigaglioni, senior vice president

Borrower: Cypress Creek Associates L.P., associated with Kimco Realty; Brian Summers, vice president

Click here to view the day's other deals


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