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Delray Beach Shopping Center Secures $18.5 Million Financing From Concord Summit Capital

The borrower plans to utilize the funds to pay off their current debt and construct the space required for a new Michaels store.

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. 

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Drew Limsky

Drew Limsky

Editor-in-Chief

BIOGRAPHY

Drew Limsky joined Lifestyle Media Group in August 2020 as Editor-in-Chief of South Florida Business & Wealth. His first issue of SFBW, October 2020, heralded a reimagined structure, with new content categories and a slew of fresh visual themes. “As sort of a cross between Forbes and Robb Report, with a dash of GQ and Vogue,” Limsky says, “SFBW reflects South Florida’s increasingly sophisticated and dynamic business and cultural landscape.”

Limsky, an avid traveler, swimmer and film buff who holds a law degree and Ph.D. from New York University, likes to say, “I’m a doctor, but I can’t operate—except on your brand.” He wrote his dissertation on the nonfiction work of Joan Didion. Prior to that, Limsky received his B.A. in English, summa cum laude, from Emory University and earned his M.A. in literature at American University in connection with a Masters Scholar Award fellowship.

Limsky came to SFBW at the apex of a storied career in journalism and publishing that includes six previous lead editorial roles, including for some of the world’s best-known brands. He served as global editor-in-chief of Lexus magazine, founding editor-in-chief of custom lifestyle magazines for Cadillac and Holland America Line, and was the founding editor-in-chief of Modern Luxury Interiors South Florida. He also was the executive editor for B2B magazines for Acura and Honda Financial Services, and he served as travel editor for Conde Nast. Magazines under Limsky’s editorship have garnered more than 75 industry awards.

He has also written for many of the country’s top newspapers and magazines, including The New York Times, Washington Post, Los Angeles Times, Miami Herald, Boston Globe, USA Today, Worth, Robb Report, Afar, Time Out New York, National Geographic Traveler, Men’s Journal, Ritz-Carlton, Elite Traveler, Florida Design, Metropolis and Architectural Digest Mexico. His other clients have included Four Seasons, Acqualina Resort & Residences, Yahoo!, American Airlines, Wynn, Douglas Elliman and Corcoran. As an adjunct assistant professor, Limsky has taught journalism, film and creative writing at the City University of New York, Pace University, American University and other colleges.