The property asset involved is a multi-tenant retail center located at 203 Eau Gallie Boulevard, Melbourne, FL. The center comprises 107,171 square feet of net rentable space and was financed for an acquisition amount of $10,700,000. The property had a 14% vacancy rate at closing and features multiple tenants, many paying significantly below market rents.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $10,700,000
• Lender: Tyler Shegerian & Adam Mortanian - PACT Capital
• Broker: Darrell DeShaw - Western Retail Advisors
• Loan Type: Acquisition
• Loan Terms: 12-Month Term with Extension, 65% LTV, No Prepayment Penalty
• Key Tenants: Ross Dress for Less, Beall’s, Michaels, Panera Bread (ground-lease)

The transaction involves key participants including Tyler Shegerian and Adam Mortanian from PACT Capital, who arranged the acquisition financing. The loan was completed in conjunction with the borrowers' 1031 exchange and faced challenges such as a six-member TIC ownership structure and expiring 1031 exchange timelines.