PAC Receives $19M Acquisition Loan for Publix-Anchored Shopping Center in Naples
NAPLES, FLA. — Preferred Apartment Communities (PAC) has received a $19 million acquisition loan for Crossroads Market, a 126,895-square-foot shopping center in Naples. HFF’s Ed Coco, Nat Scarmazzi and Matt Casey secured the 12-year, non-recourse loan through Nationwide Life Insurance Co. on behalf of PAC. A 55,999-square-foot Publix anchors Crossroads Market, which was 98.1 percent leased at the time of sale to tenants including Walgreens, Crunch Fitness, Giovanni Italian Ristorante, Physicians Regional Health Care, Chase Bank and Subway. PAC acquired the asset through its wholly-owned subsidiary, New Market Properties LLC. Daniel Finkle, Luis Castillo and Eric Williams of HFF arranged the transaction on behalf of the seller, a private real estate fund advised by Crow Holdings Capital — Real Estate. The sales price was not disclosed.