Concord Summit Capital Secures $16 Million to Enhance Delray Beach Shopping Center
The funding will develop a new Starbucks store and make other capital improvements
Concord Summit Capital, LLC brokered a $16 million bridge loan to refinance and expand the Bed Bath & Beyond Plaza at 14802 S. Military Trail in Delray Beach. The funding will allow the loan’s sponsor, Berta Management of Florida, to construct a new Starbucks store, provide capital improvements and pay off existing debt.
Concord Summit is an intermediary between sponsors and capital providers for commercial real estate debt and equity financing. Director Justin Neelis and Senior Analyst Daniel Rojo, both of Concord Summit’s Miami offices, sourced the financing on Berta Management’s behalf.
“Retail remains a challenging asset class, but there is capital available to finance well-located properties with strong anchors, especially in South Florida given the continued rising population,” Neelis says. “The Bed Bath and Beyond Plaza is in a phenomenal location with a traffic count of over 79,000 daily trips and great tenants that have signed long-term leases. That is a trifecta”.
The retail shopping center encompasses an 8.41-acre parcel at South Military Trail and Atlantic Avenue. A newly renovated Bed Bath and Beyond anchors the property, along with a CVS store built in 2018. The Starbucks will be created facing Atlantic Ave. Enhancements to the Site are currently underway and the property will expand to 86,043 square feet of leasable space once completed.