Robert Bhat Of Marcus & Millichap Arranges $10M Loan For Carolina Springs Plaza
7804 W Sample Rd, Margate, FL, 33073
$10,000,000
Building Size
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Asset Type
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Closing
Nov 22, 2023
AI
The refinancing of Carolina Springs Plaza, a grocery-anchored, 125,500-square-foot shopping center located at 7804-8092 W. Sample Road in Margate, has been facilitated by Marcus & Millichap Capital Corp. (MMCC) with a $10 million loan. El Bodegon Supermarket has been anchoring the 13.4-acre property since 2011.
Summary of transation details:
- Property Type: Grocery-Anchored Shopping Center
- Transaction Amount: $10,000,000.00
- Address: 7804-8092 W. Sample Road, Margate, FL, 33073
- Market: Margate
- Borrower's Rep: Robert Bhat (Marcus & Millichap)
- Lender: Undisclosed 1031 tax-deferred exchange buyer
Robert Bhat of MMCC's Miami office played a key role in arranging the 10-year fixed-rate loan for Carolina Springs Plaza. The financing deal features a 25-year amortization schedule and a 70 percent loan-to-value ratio. The borrower and direct lender involved in the transaction were not disclosed.
Players
Margate CRE Market Snapshot
Boundary boundary · CRE · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
1.59%
Cash-on-Cash
-0.45%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93