Marcus & Millichap Capital Corporation (MMCC), a leading provider of commercial real estate capital markets financing solutions, arranged $7,400,000 in acquisition financing for the purchase of University Commons, a retail property located at 6702-6852 N University Drive in Tamarac, Florida.
Robert Bhat, senior managing director, capital markets, based out of MMCC’s Miami office secured the financing.
“The property is strategically located in a highly trafficked retail corridor in Tamarac, Florida, near Walmart and HCA Woodmont Hospital,” noted Bhat. “The center is anchored by a Quince Supermarket and Miracle Gymnastics. Given the experience of the borrower, we were able to secure a rate in the 6’s with a 25-year amortization, and a provision for additional funding.”
The property was sold by Marcus & Millichap investment sales specialists Kirk Olson and Drew A. Kristol, also based out of Marcus & Millichap’s Miami office, for $14,765,000. The center was recently renovated in 2022.
