NEW JERSEY—Englewood Cliffs-based Kennedy Funding has completed a refinancing of a portfolio of three retail properties in the Southeastern U.S. The financing covers a total of more than 166,000 sq. ft. of properties in Florida and Georgia.
"While the three properties have a combined vacancy rate of nearly 40 percent, they generate enough cash flow for the loan to make sense," said Gregg Wolfer, COO of Kennedy Funding. "This refinancing will put the ownership in a position to pay off the existing first mortgage, putting them at a better price point.”
The portfolio includes a 38,768-sq.-ft. building in Palm Bay, Fla., currently leased to Blockbuster.
The second property is a 54,530-sq.-ft., two-tenant, big box center in Palatka, Fla. One of the tenant spaces is occupied on a long-term basis by Staples, while the other is currently vacant.
The third property is a 73,000-sq.-ft. shopping center in Atlanta, Ga., including a separate building housing a Rite-Aid pharmacy.