Robert Bhat Of Marcus & Millichap Capital Corp Secures $14.9M Loan For Retail Asset In North Miami Beach

The retail asset, located at 1205 Northeast 163rd Street in North Miami Beach, encompasses a total square footage of 31,255. The property is part of the Outparcels at the Mall at 163rd Street, which is anchored by notable retailers including Amscot, Foot Locker, Truist, and Chase.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $14,900,000
• Address: 1205 Northeast 163rd Street
• Market: North Miami Beach
• Asset Size: 31,255 SF
• Broker: Robert Bhat - Marcus & Millichap Capital Corp
• Loan Amount: $14,900,000
• Interest Rate: Approximately 6% interest-only
• Prepayment Penalty: None
• Minimum Deposit Requirements: None

Robert Bhat, a representative of Marcus & Millichap Capital Corp., facilitated the financing arrangement secured from two local banks. The loan terms are structured as interest-only, providing flexibility for the borrower while avoiding prepayment penalties.