Aztec Group Arranges $23.4M Refi for Bartonsville Shopping Centers

Florida-based real estate investment and merchant banking firm Aztec Group, Inc. has arranged $23.35 million in financing for two retail shopping centers located in Bartonsville, PA.

Aztec Group secured $13.2 million in financing for Bartonsville Square, and an additional $10.15 million for the adjacent Bartonsville Plaza.

Developed by an affiliate of Legend Properties, the two assets are located just east of Routes 611, 33, and I-80, about five miles from the Delaware Water Gap and State of New Jersey, in Philadelphia's Monroe County submarket.

Bartonsville Square is an 80,000-square-foot neighborhood center anchored by a 50,000-square-foot Dick's Sporting Goods. The three-building plaza was built in 2014 and is currently 95 percent occupied.

Basis Investment Group, a New York City-based conduit lender, provided the financing on a 10-year term and 30-year amortization schedule. The fixed-rate loan carries several years of interest-only payments and a 75% LTV.

Bartonsville Plaza is a 49,000-square-foot retail center shadow-anchored by Lowe's and Kohl's. The four-building strip was built in 2010 and is currently 94 percent occupied.

Ladder Capital, a New York City-based conduit lender, provided the financing on a 10-year term and 25-year amortization schedule. The fixed-rate loan also carries several years of interest-only payments, and a 70% LTV.

"The sponsor’s conservative loan request, proven track record and strong tenant mix enabled Aztec to arrange financing terms that truly exceeded the client’s expectations.".
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