Guardian Life Insurance Lends $27M on Town and Country Plaza in Miami
By Andrew Coen August 30, 2021 10:25 am
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MMG Equity Partners has landed $26.6 million of financing to refinance a shopping center in Miami, Commercial Observer can first report.
Guardian Life Insurance Company of America supplied the 11-year, full-term, interest-only loan for MMG’s Town and Country Plaza, located at 13712 SW 152nd Street on 8.2 acres at a former infill site near Zoo Miami. JLL (JLL) Capital Markets arranged the debt package with a team that included Senior Managing Director Chris Drew, Managing Director Brian Gaswirth and Associate Reid Carleton.
“Debt capital continues to aggressively pursue assets in South Florida, and fortress retail is particularly attractive to lenders in today’s market as they seek to further diversify their portfolios,” Drew said in a statement.
The retail asset is 100 percent occupied and is anchored by Sedano’s Supermarket, the largest independently owned Hispanic supermarket chain in the U.S. In addition to Sedano’s, the 94,815-square-foot supermarket also features Navarro Discount Pharmacy, Sherwin-Williams, Goodwill, Express Auto Care and Discount Auto Parts.
“Guardian was pleased to transact with a high caliber borrower such as MMG on this opportunity as well as continue working with our valued JLL partners in Miami,” Bob O’Rourke, head of real estate investments, said in a statement.
Officials for Guardian MMG did not immediately respond to a request for comment on the transaction.
– Andrew Coen can be reached at acoen@commercialobserver.com
