Concord Summit Capital, LLC has successfully arranged a $18.5 million 5-year fixed-rate loan for the recently rebranded Delray Corner retail center at 14802 S. Military Trail in Delray Beach. The financing was sourced by the Managing Director of Concord Summit’s Miami office, Justin Neelis, on behalf of Berta Management, the plaza operator. The loan was secured through CMBS financing.
The loan was utilized to refinance a previous bridge loan and to make tenant improvements for a new Michaels store. Michaels, a national arts and crafts retailer, will occupy the space previously vacated by Bed Bath & Beyond, which closed stores in 2023. After renovating the 25,600-square-foot space, Michaels is expected to open in the first quarter of 2024. The neighborhood shopping center, formerly known as BB&B Plaza, has a total of 86,043 square feet of leasable space. It is located on an 8.41-acre parcel at South Military Trail and Atlantic Avenue. In addition to Michaels as the new anchor tenant, other tenants include Conviva, CVS, and Starbucks. Starbucks occupies an out parcel built in 2023.
“Berta Management did a terrific job filling the large 25,600-square-foot anchor space with lightning speed after Bed Bath & Beyond closed its doors,” Neelis says. “The location in Delray Beach speaks for itself, however, management really knew how to capitalize on the opportunity at this already bustling intersection. “
Concord Summit has arranged the third loan for Berta Management. In March 2022, the firm arranged $18 million in financing for Boca Corporate Centre in Boca Raton. Later, in December 2022, it placed the previous $16 million bridge loan for Delray Corner, which is now completed.
