Monday, March 24, 2014

Aztec Group Arranges $10.2M for Bartonsville Plaza

Miami-based Aztec Group, Inc. arranged $10.15 million first mortgage for the owners of Bartonsville Plaza in Stroudsburg, PA. 

Howard Taft and Charles Penan with Aztec teamed up with David Rosenberg at Maverick Capital Partners to originate the transaction. 

The loan carries a ten-year term with several years of interest-only payments and a favorable fixed interest rate. Financing was provided by Ladder Capital, a New York City-based conduit lender. 

"This is the latest example of high quality assets in desirable markets being able to secure sound financing. Factors such as Bartonsville Plaza’s ideal location, quality tenant mix, and strong ownership were of important consideration for the lender in providing the mortgage," said Taft. 

Located at Rte. 611 and Frantz Ln. near I-80 in Monroe County, the 49,000-square-foot, four-building retail center was built in 2009 by an affiliate of Legend Properties. The asset is currently 94 percent leased to Sleepy's, GameStop, Great Clips, Advance Auto Parts, Moe's Southwest Grill, Pocono Medical Center, and more, and is shadow-anchored by Lowe's and Kohl's

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