Concord Summit Capital has successfully arranged an $18.5 million 5-year fixed-rate loan for the recently rebranded Delray Corner retail center in Delray Beach, Florida. The plaza operator, Berta Management, sought CMBS financing and was represented by Concord Summit’s Justin Neelis.
The loan was utilized to refinance a previous bridge loan and fund tenant improvements for a new Michaels store. This national arts and crafts retailer will occupy the space previously held by Bed Bath & Beyond, which closed stores in 2023. The fully renovated 25,600-square-foot space is set to open in the first quarter of 2024.
Situated on an 8.41-acre parcel at the bustling intersection of S.Military Trail and Atlantic Ave., this neighborhood shopping center (formerly known as BB&B Plaza) boasts a total leasable area of 86,043 square feet. Along with Michaels as its new anchor tenant, other notable tenants include Conviva,CVS,and Starbucks.
