Concord Summit Capital arranged an $18.5 million 5-year fixed-rate loan to refinance the newly rebranded Delray Corner retail center located at 14802 S. Military Trail in Delray Beach, Florida. Concord Summit’s Justin Neelis sourced the CMBS financing on behalf of plaza operator Berta Management.
The loan was used to refinance a previous bridge loan and to make tenant improvements for a new Michaels store. Michaels, a national arts and crafts retailer, is taking over space vacated by Bed Bath & Beyond, which closed stores in 2023. The 25,600-square-foot space has been fully renovated, and they are expected to open in the first quarter of 2024.
The neighborhood shopping center (Formerly known as BB&B Plaza) totals 86,043 square feet of leasable space and sits on an 8.41-acre parcel at the busy intersection of S. Military Trail and Atlantic Ave. In addition to Michaels as the new anchor tenant, other tenants include Conviva, CVS, and Starbucks.
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