Wednesday, October 6, 2010

SLPA Closes $25,425,000.00 REFINANCING WITH WELLS FARGO BANK


SARAGA & LIPSHY is pleased to announce on May 10, 2010 it represented 19th Street Investors, Inc. in its loan refinancing of Bal Harbour Square Shopping Center in Fort Lauderdale, Florida with Wells Fargo Bank, N.A. The loan closing amount was $25,425,000.00. The loan proceeds of approximately $17,000,000.00 were used to pay off an existing mortgage and the remaining loan balance will be used to redevelop the Shopping Center for new national tenants. 19th Street Investors is a subsidiary of Retail Property Group, Inc ("RPG"). RPG and its principal owner, Joe Carosella were recently featured in an article in the Sun-Sentinel. RPG is a regional shopping center developer with over 1 million square feet of retail shopping center space.