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5024-5070 West Atlantic Avenue
FINANCED

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

5024-5070 West Atlantic Avenue

Retail
134,786 SF
clock iconFinanced 76 days ago
Steven Sperandio
Jake Weiss
Michael Fasano
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Summary

Loan
FLORIDA
Retail
134,786 sqft

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:

  • Property Type: Retail
  • Transaction Amount: $19,500,000
  • Address: 5024-5070 West Atlantic Avenue
  • Market: Palm Beach County
  • Loan Type: Refinance
  • Landlord: PEBB Enterprises
  • Lender: Seacoast Bank
  • Landlord's Rep: Steven Sperandio, Michael Fasano & Jake Weiss - Ripco

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.

Players

  • All

    5

  • Agents

    3

  • Agencies

    1

  • Lenders

    1

Steven Sperandio's profile picture
Steven Sperandio
Ripco-image
Executive Managing Director, Debt & Structured Finance
$1.3M Sold
Michael Fasano's profile picture

Details

Deal Summary
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FINANCED
IMAGE: Jake Weiss, Steven Sperandio & Michael Fasano DATE: 04/04/2024 ADDRESS: 5024-5070 West Atlantic Avenue MARKET: Palm Beach County ASSET TYPE: Retail ~ SF: 67,393 LENDER: Seacoast Bank LANDLORD: PEBB Enterprises (@PEBBEnterprises) LANDLORD'S REP: Steven Sperandio (@StevenSperandio), Michael Fasano (@MaFasano87) & Jake Weiss (@JakeWeiss6) - Ripco (@RipcoCapitalAdvisory) LOAN AMOUNT: $19,500,000 LOAN TYPE: Refinance NOTE FROM LANDLORD'S REP: RIPCO’s D&SF team sourced a $19,500,000 loan for PEBB Enterprises, which followed an asset repositioning plan that included construction of a new Sprouts’ grocery-anchor box, as well as new leases with Retro Fitness, Fifth Third Bank, and various other neighborhood-use retailers.

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Address5024-5070 West Atlantic Avenue

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