Front Street Originates New Loan on Shopping Center

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.

Virginia MacKoul

Virginia is a graduate from the University of Florida's College of Design Construction and Planning with a degree in Sustainability and the Built Environment, and a minor in Urban Regional Planning. Virginia joined the Front Street team in 2011, as an intern. Upon graduation, Virginia joined the Front Street team full-time as the Director of Client Services. Ms. MacKoul’s addition furthers Front Street’s continued growth and expansion within Gainesville and other North Central Florida markets. She was promoted to Director of Marketing in 2014 and now manages the firm’s team of interns and oversees all marketing and branding activity. Virginia was born in Boston and moved to Lee County, Florida in 1997. Virginia graduated her high school's International Baccalaureate program and started at the University of Florida with a focus on Architecture. Virginia shares Front Street's passion of giving back to the community and those in need. Virginia's hobbies include photography, cooking, football, movies, music, and spending time with her dog, Brinkley.

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