Berkadia Secures $9.8 Million Refinancing for Key Biscayne Retail Center

Berkadia has arranged a $9.8 million refinancing loan for a 61,504-square-foot retail center located on Key Biscayne, Florida. The two-story property, situated on Crandon Boulevard, secured a 10-year, fixed-rate loan through a correspondent life insurance company. Charles Foschini, Christopher Apone, Shannon Wilson, and Lourdes Carranza-Alvarez of Berkadia represented the undisclosed owner, who acquired the asset in 1997.

The financing package features a 23 percent loan-to-value ratio, indicating a conservative approach to the loan. Built in 1990, the retail center was nearly fully occupied at 98.8 percent leased when the refinancing was secured. Its tenant roster includes established businesses such as T-Mobile and Northern Trust. Crandon Boulevard is identified as Key Biscayne’s primary commercial corridor and its sole land connection to mainland Miami, underscoring the strategic location of the property within this affluent barrier island community. This transaction demonstrates continued lender confidence in well-established, high-occupancy retail assets located in prime South Florida markets, offering insights into current commercial real estate financing trends for similar properties.