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5024 West Atlantic Avenue

Updated Dec 4, 2024

PEBB Enterprises Obtains $19.5M Refinance Loan From Seacoast Bank In Palm Beach County
FINANCEDRetail

PEBB Enterprises Obtains $19.5M Refinance Loan From Seacoast Bank In Palm Beach County

5024 West Atlantic Avenue & 5070 West Atlantic Avenue

$19,500,000

$144/SF

Building Size

67,393 SF

Asset Type

Retail

Closing

Apr 4, 2024

About this deal

AI

The property located at 5024-5070 West Atlantic Avenue in Palm Beach County is a retail asset spanning 67,393 square feet. The lender for this transaction was Seacoast Bank, and the landlord involved was PEBB Enterprises. The landlord's representatives in this deal were Steven Sperandio, Michael Fasano, and Jake Weiss from Ripco. The loan amount for this refinance deal was $19,500,000.

Summary of transation details:

RIPCO’s D&SF team played a crucial role in securing the $19,500,000 loan for PEBB Enterprises. The loan was obtained as part of an asset repositioning strategy, which included the construction of a new Sprouts’ grocery-anchor box on the property. Additionally, new lease agreements were made with Retro Fitness, Fifth Third Bank, and various other neighborhood-use retailers, enhancing the property's tenant mix.

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$19,500,000

$144/SF

Retail

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Players

Steven Sperandio

Cushman & Wakefield

Broker

$773.9M

vol

21 deals

Broker
Seacoast Bank
Seacoast BankLender
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Deal FAQ

About $144 per square foot on a published $19.5M for 134,786 square feet (2024).

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.81%

Cash-on-Cash

-0.23%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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