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2104 Tamiami Trail North

RIPCO Secures $18M Loan For Fareri Associates' Acquisition Of Naples Retail Center
FINANCEDRetail

RIPCO Secures $18M Loan For Fareri Associates' Acquisition Of Naples Retail Center

2104 Tamiami Trail North & 2184 Tamiami Trail North

$18,000,000

$138/SF

Building Size

129,754 SF

Asset Type

Retail

Closing

Sep 25, 2023

AI

A grocery-anchored shopping center located at 2104-2184 Tamiami Trail North in Naples, FL has been acquired by Fareri Associates. The property spans 64,877 square feet and is situated in an affluent market. The acquisition was made possible through a $18,000,000 loan provided by BNY Mellon.

Summary of transaction details

RIPCO's Head of Debt & Structured Finance, Steven Sperandio, along with his team, facilitated the $18,000,000 loan for Fareri Associates. This loan supports the acquisition of the grocery-anchored shopping center in Naples, FL. Fareri Associates, the landlord, has a significant real estate portfolio with assets valued at approximately $1.5 billion and 5 million square feet across Connecticut, New York, and Florida. The loan is part of Fareri Associates' strategic plan to expand its footprint in Florida.

Players

Steven Sperandio

Cushman & Wakefield

Broker

$773.9M

vol

21 deals

Broker
Bank Of NY Mellon
Bank Of NY MellonLender

Naples Retail Market Snapshot

Boundary boundary · Retail · Loan transactions

Loading comparables…

Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.88%

Cash-on-Cash

-0.25%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93