October 11, 2011
GAINESVILLE, FL—Front Street Commercial Real Estate Group has originated a new loan for Bakkar Investments, LTD, the owner of Azalea Plaza shopping center located in Ponte Vedra Beach, Florida. Tenants in the 20,000 square foot shopping center include Starbucks, Subway, Play it Again Sports and other retailers.
Steve Mench, Director of Capital Markets for Front Street, assisted in the origination of the Commercial Mortgage-backed Security (CMBS) loan for the owner. CMBS loans typically include a 10 year term, 30 year amortization, fixed interest rate, and no personal guarantees.
Steve Mench is Director of Capital Markets for Front Street Commercial Real Estate Group. Steve has twenty-three years of experience working in commercial real estate and has completed nearly $750 million in transactions. He brings various perspectives from many different types of institutional capital sources providing permanent loans, construction loans, bridge loans, mezzanine loans and equity. He is a University of Florida Real Estate Advisory Board Member, a member of ICSC, the Florida Bar and is a CCIM designee.
As part of its INVESTED initiative, Front Street has made a donation to the United Way of North Central Florida on behalf of The Bakkar Group.
For more information on this transaction please contact Steve Mench at SteveM@FrontStreet.net or 352.672.6908 or visit Front Street’s website at www.FrontStreet.net.